Major Colac office tipped to fetch $6.3m
Agents are describing it as the “best property on the market” of its type.
But just how good a key office building at Colac in Victoria is will soon be tested when it is auctioned in September.
The property at 175 Bromfield St is the local headquarters of financial and accounting firm Findex Group, who until recently were known as Crowe Horwath. The practice has a history in Colac dating back 70 years and now part of a network of more than 110 offices across Australia and New Zealand.
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Situated opposite a new Coles supermarket-anchored shopping centre, the 1805sqm building occupies a 5964sqm landholding and was purpose-built for Findex only 10 years ago.
It has a recently renewed seven-year lease worth $450,000 plus GST per annum, with a further 10 years of options.
The office also has on-site parking for 65 cars and the lease includes annual CPI rent reviews, while the tenant pays all outgoings.
It will be sold at Burgess Rawson’s upcoming Portfolio Auction at Crown Casino on Wednesday, September 18.
Burgess Rawson director Shaun Venables, who is marketing the property in conjunction with colleague Raoul Holderhead and Charles Stewart and Co’s Anthony McDonald, says it presented as one of the best regional opportunities of 2019.
“For an investor who’s looking for something in this price point that’s ‘set and forget’, I don’t think there’s a better property on the market,” Venables says.
“It’s only 10 years old, it’s right opposite Colac Plaza Shopping Centre, and Findex are committed to the property for the long term – they’re not going anywhere.”
Venables says the building, which currently houses around 90 employees but could accommodate up to 120, is expected to sell for around $6.3 million.
“Investors should take comfort from Colac’s importance as a regional centre, as it services a significant catchment between Geelong and Warrnambool that extends south to coastal towns including Lorne and Apollo Bay,” he says.
Burgess Rawson’s 131st Portfolio Auction will be held in Crown Casino’s River Room at 11am on Wednesday, September 18.