The strength and popularity of the Eastern States’ suburban office market continues unabated as an inner city fringe property in Melbourne sells for $32 million.
Lemon Baxter offered 210 Kings Way, South Melbourne for sale by expressions of interest closing October 3rd, 2018 and by October 19th it had sold. The vendor was Clantot Pty Ltd, a private company controlled by Barry Norman, Marie Lawick, Michael Jones and John Tilleard, all of Victoria and David Sloan of the ACT.
210 Kings Way is a five-storey brick and concrete office building with two single-storey extensions to Kings Way and one to Tichborne Place. Located on a large 2,765 sqm site, the building has parking on the roof of the Tichborne Place extension. Major tenants include YWCA Victoria, Datacom Systems and the Qinetiq Group.
210 Kings Way last traded at $11.4 million in August 2005. This sale at $32 million represented an initial yield of 4.78% on passing income of $1,529,600.