A modern retail ground floor / offices 2 upper floors. Our clients were Melbourne based. We conducted all necessary due diligence for the purchase of this property. Due to unforeseen circumstances, we did not carry through with offers on the property, however we valued the property at $9,340,000 on a cap rate of 5.578% (being less than a cap rate on straight office space due to major bank tenancies). The property subsequently sold for $9,750,000 reflecting a cap rate of 5.34%.
Office 966m² split between 2 floors and 5 tenancies.
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