Fully leased office freehold smashes $3.68M in Nunawading

A LOCAL investor has snapped up one of Nunawading’s finest office freeholds for $3.688M prior to auction at 1-3 Rooks Road.

The site had a 1,465sq m* land area, was close to the Golden Mile precinct, and came fully leased to five long-standing tenants including St John of God Accord.

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

Mr Diston said there was a strong demand in the Nunawading area for freehold investments that had development upsides.

“There was strong interest in the asset throughout the campaign, and the fact it sold prior to auction, highlights just how good the opportunity was,” he said.

“The sale price reflected a yield of 5.6 per cent and the asset provides the buyer with a $207,761.16 p.a. net return.

“The building area is 900sq m* over two levels and is an excellent corner site with triple-street frontage of 122 metres.

“The site also has 32 car spaces on-title including eight lock-up garages, has recently been refurbished, and is in close proximity to public transport.”

*Approximately.