Country Fire Authority freehold sells for $2.08M in Lilydale

A GOVERNMENT Country Fire Authority (CFA) freehold within the Lakeview Estate has sold for $2.08M following an expressions of interest campaign at 18-22 Lakeview Drive, Lilydale.

The property, constructed in 1990 and extended in 2004 to accommodate the CFA’s requirements with 14 offices and two large open areas plus lunch room and secure lock-up storage, attracted strong interested.

The asset was marketed and sold by Ray White Commercial Vic-Nunawading Director Brett Diston.

Mr Diston said the asset came with a total land area of 2,804sq m* and current returns, along with the potential for future development, were real drawcards.

“Interest was strong throughout the campaign with more than 30 enquiries from interested parties who really appreciated the opportunity that was on offer,” he said.

“The asset was sold by private investors following three competitive final offers that reflected what the site has to offer now, and its future potential.

“The existing lease with CFA runs until 05 April 2019 and provides a fantastic holding income with annual return of $140,229.82 Net.

“Future plans can include residential, childcare, place of worship and offices, all subject to council approval.

“The property currently features a 510sq m* building area, a 140sq m* lockup shed, 14 office areas and open areas and more than 40 car spaces on site.”

*Approximately.