Glen Iris commercial property listed for sale

A major commercial property in Glen Iris is set to change hands for the first time in more than 30 years.

The two-storey office building resides on a 4,305 square metre block, and has 3,383 square metres of non-lettable area.

It also features 102 onsite car parking spaces.

It is 100% leased to seven tenants on a one-year contract, with a net-income of approximately $795,000 per annum.

Interest from investors, developers and owner-occupiers is expected in excess of $30 million.

The property is for sale by expressions of interest, which close on March 26.

Peter Bremner and Daniel Wolman of Colliers International, in conjunction with Alexander Robertson’s Kristian Peatling and Warwick Bramich, have been appointed to sell the asset at 173 Bourke Road, around 10km from Melbourne’s CBD.