Boutique Cheltenham office building sells under the hammer
Katherine JimenezDecember 7, 2020
A private investor has acquired at auction a boutique office building in Melbourne’s Cheltenham for $4.65 million.
The two-level building, at 47a Wangara Road, comprises 1,620 square metres of net lettable area and 70 on-site car spaces.
The sale price reflected a yield of 7.6%. Two tenants occupy the building on three year and five year term leases.
CBRE’s Justin Clarkson, Jamus Campbell and Josh Rutman were the selling agents.
“The campaign experienced some 60 enquiries and competitive bidding from multiple bidders, eventuating in a strong result for this well leased property,” Mr Clarkson said.