Description

Mulgrave twin building, multi tenanted Investment

This trust is closed to investors in April 2017 and later the property sold and trust wound up in December 2019

The property was acquired to provide investors with reliable income & growth over the term of the investment. Wholesale Investors were able to access the investment for mulitples of $50,000 each.

A multi-building investment in a fully leased office park in Mulgrave was acquired for $21 million.

The investment, comprising 2 modern boutique office buildings on separate titles, has a total lettable area of 5,851 square metres. The purchase was struck at a initial yield of around 7.5%. The buildings are leased to tenants including PZ Cussons, Tyco and Carter Grange on a combined fully leased net income of $1,611,438 p.a.

Commenting on the sale, Robert Stanley-Turner of Box Commercial Estate Agents said, ‘Mulgrave is only 24 kms from the Melbourne CBDI’m not surprised that both buildings are fully leased. Demand is strong from all kinds of accessory businesses and suppliers to the major employers in the area.’

Box Commercial Estate Agents consults to property syndicators across Australia, monitors sales and trends in group investments and refers individual investors to investor groups.

Mr Stanley-Turner also said that the quality of the building played a role in the strong demand from tenants.

‘Both these buildings have natural light to four sides and ample parking,’ Mr Stanley-Turner said. ‘The purchaser is intending to offer it for group investing and I’m expecting the demand to be high there also.’

The property was sold in December 2019 and details about the sale and returns to investors can be accessed here