Fully leased office property in Ballarat changes hands

A fully leased office property in Victoria’s Ballarat has recently been sold for an undisclosed sum after being brought to the market for $1.5 million.

Located at 801 Mair, Ballarat, Vic 3350, in the heart of the medical precinct, the manor is spread over two floors.

The property has a land area of 1,396 sqm and is zoned Mixed Use.

Among the tenants are Lake Imaging who have a three-year lease with options for further extensions. Their current rental is $67,205 per annum plus GST and outgoings (57.2436%).

Another tenant is Ballarat Psychiatry Group, also on a three-year lease and paying a rental of $39,446.76 per annum plus GST and outgoings (42.7564%).

The property earns a total income of $106,651.76 pa.

The selling agent was Andrew Lewis of Colliers International.