Strong Bids Expected For DTZ Mooroolbark Commercial Property

DTZ has listed a fully-leased commercial office and retail building for sale with potential for net income estimated at $694,879 per annum.
The 7,530 square metre complex located at 4 Manchester Road, Mooroolbark, Victoria, has 2,759 square metres of lettable area.

The modern, well-maintained building is leased to long standing tenants, including Good Life Health Club, G8 Education, licensees for Telstra and Ray White Real Estate, as well as a popular local café.

The complex, with a wide street front of 37.7 metres, has an additional 106 off street car spaces.

With a diverse spread of lease expiries and a weighted average lease expiry of 5.81 years for the lettable area, the risk associated with an investment opportunity is minimal.

DTZ’s Patrick O’ Callaghan, Richard O’Callaghan and Adrian Prince are handling the sale.

“This fully leased commercial property represents an outstanding opportunity for the astute investor, with blue-chip tenants and any future vacancy risk mitigated by the spread of lease expiries,” Patrick O’Callaghan said.

“The building is modern and has been well maintained.”

Situated in a desirable location, the property sits in a dense residential area with a Commercial 2 zone under the City of Yarra Ranges Planning Scheme.

The high-profile commercial complex is located at the gateway to Mooroolbark's shopping strip, with a nearby railway station.

Richard O’Callaghan said the demand for quality commercial investments in Melbourne’s east has been very strong recently.

“The positive spread between yields and interest rates that we are currently enjoying make offerings such as this very compelling,” Richard O’Callaghan said.

“We expect to receive some very competitive bids from both local and offshore investors.”

The property is being offered for sale by Public Tender.