Biomedical Firm acquires Offices near Heidelberg Medical Precinct

A fully leased stand alone suburban office building, located adjacent to Heidelberg Activity Centre & Medical Precinct has sold to a biomedical firm for $16.6m

The property, located at 677 The Boulevard Eaglemont, comprises a single level of office space of 3,216sqm of NLA on a large 9,020sqm site.

The building is fully leased to Berry Street, one of Australia’s largest independent family service organisations with a lease expiry in November 2023. The net income from the asset is $1,055,065, providing the purchase with a passing yield of 6.4%.

The site is zoned Commercial 1 which supports varying future uses and outcomes including continued office use, retail, residential or a combination of uses (STCA).

The property was acquired by Axxin, a biomedical firm, located further west in Fairfield.

Colliers executed the marketing campaign for a private investor which resulted in 80 registered enquiries and 8 first round offers.