Richmond Property Sells As An 'Unsurpassable Opportunity'

A prime corner development offering fully fitted office accommodation, located in Richmond, has been successfully sold for over $10 million.

The building was successfully sold by Jonathon McCormack and Andrew Waddell from Gross Waddell in conjunction with Tim Grant and Andrew Greenway from Knight Frank via Expression of Interest, reflecting a yield of 6%.

The building is located at 582 Swan Street, Richmond and provides floor to ceiling windows with excellent natural light and CBD views as well as a full office fit-out.

Completed in 2009 by Warren Thompson, the building is an approximately 1,615 square metre modern three level structure plus a secure basement car park.

Divided to six tenancies, there is a ground floor café with the remaining ground, first and second floor tenancies consisting of office space.

The property which generates $612,000 per annum provides 28 secure basement car spaces on a land holding of 971 square metres.

582 Swan Street is located in a vibrant mixed use suburb enjoying excellent public transport and in close proximity to major road networks including CityLink, Monash Freeway, Punt Road and Hoddle Street.

"This was an unsurpassable opportunity for the private offshore family who purchased the freehold office building, to form part of their growing Australian asset portfolio," Gross Waddell Associate Director Jonathon McCormack said.

"In addition to its prominent location, the neighbouring national tenants housing their head offices made this property a prestigious investment opportunity, which as expected the depth of buyers for such a property reached international.”