Colliers agents Ted Dwyer, Ben Baines and Eddie Foulkes have been exclusively appointed to bring a two-storey office building in the regional Victorian city of Benalla to market with price expectations around $5,000,000 reflecting an attractive yield of 9.6%.
The 1,300 sqm freehold titled office at 152-154 Bridge Street was purpose-built in 2011 for its long standing tenant, The Department of Education and Early Childhood Development, with sustainability principles at its core and boasts an excellent NABERS rating of 5.5 stars.
The offering presents a unique opportunity to acquire a high-yielding Government tenanted investment asset generating a CPI-linked annual return of $478,728.
Colliers’ Director Ben Baines said, “This listing presents an opportunity for savvy buyers to invest in an asset secured by a long-standing Government tenant in an area experiencing substantial growth.”
“The State Government has also implemented a 50% stamp duty concession for commercial assets in regional Victoria, which has fuelled demand from Sydney and Melbourne investors who are capitalising on the future growth in these areas.”
Eddie Foulkes, Executive, Investment Services at Colliers, confirmed the strong interest “The tenant has been in occupation of the property for 12 years providing essential educational and early childhood development services to the residents of Benalla and the wider Ovens Murray Region, which has 67 schools and over 12,500 students.”
The State Government continues to invest in supporting regional access to education and training through the Regional Development Victoria department. A new TAFE campus in Benalla’s CBD will be refurbished to increase accessibility to a range of vocational education courses.
The property is prominently situated on the corner of Bridge Street and Barkly Street within the heart of Benalla’s CBD. The Victorian regional city is situated equidistant between Euroa and Wangaratta, 212km north east of Melbourne, and benefits from excellent road and rail access, strategically positioned on the Hume Highway and rail route connecting Melbourne to Sydney.
152-154 Bridge Road, Benalla, is being offered to market via Expressions of Interest, closing Wednesday, 23rd August 2023 at 12:00 pm (AEST).
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