Dennis Family Homes group Malvern East headquarters building sells for $7.85 million

The headquarters of property building company, the Dennis Family Homes group in Melbourne's Malvern East has sold for $7.85 million.  

The fully tenanted two level office building, at 207-213 Waverley Road, attracted a indicative yield of 8.1%. 

A private investor purchased the 2,137 square metre property. 

The purchaser will now execute a new five year lease commencing from settlement at an annual rental of $512,880 plus GST with the building outgoings met by the tenant.

Occupancy of the 74 secure basement car parks will provide an additional $124,320 plus GST, giving the buyer a total return of $637,200 net per annum. 

The terms of the new lease include annual rental reviews fixed at 3.5%, with a market review on exercise of the further five year option. The lease will also be supported by a six months unconditional bank guarantee.

Selling agents were Kliger Wood Real Estate with Gorman Kelly.

news@propertyobserver.com.au 

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