Our client is a local Melbourne based investor.
This property was sourced by us and recently purchased by our client.
It was purchased under intense auction conditions at a CBRE Premium Property auction held in the Zagame showroom in Richmond, Melbourne.
A local Tasmanian investor was the under bidder.
We assessed the value at $11.6M and the sale price was $11.725M showing a cap rate of 6.2% triple net.
An extensive analyses of all recent Officeworks and Bunnings sales were taken into account when determining value.