Camberwell trophy office building fetches $8 million
A local investor has snapped up a 695-square-metre Camberwell office building for $8 million after an expressions-of-interest campaign from Fitzroys.
The campaign for 693 Burke Road, Camberwell, managed by Peter Weatherby, Chris James and Martin Huang, registered more than 50 inquiries from both local and offshore buyers and resulted in a 5.8 per cent yield.
The Commercial 1-zoned property includes a four-level building of 1594 square metres with 22 undercover car parks.
The property is fully leased with tenants including the employment agency ORS Group with a four-year weighted average lease expiry.
The building is returning approximately $467,000 per annum net.
The firm is citing recent capital improvements made to the building and the shortage a quality offerings in the metropolitan office market as contributing factors to the result.
Mr James said this was reflected in the number of local and overseas investors still seeking similar assets.
“As a result we now have a number of qualified purchasers still actively seeking similar investments,” he said.
