A premium office investment located in one of Victoria’s most tightly held office markets is set to generate strong interest north of $17million when it hits the market next week.
Costa Asset Management has appointed conjunctional agents Colliers’ Jonathon Lumsden, Andrew Lewis, Peter Bremner and Ben Baines alongside Pat Burke of MP Burke Commercial to sell 235 Ryrie Street by Expressions of Interest closing May 19.
Since acquisition in 2018, Costa Asset Management has refurbished the property and set about a leasing program to deliver a fully leased investment with a net income of just under $1million per annum and boasting a strong WALE of circa 5 years.
Centrally located within the well-regarded medical and professional services office precinct of Geelong and well serviced by retail amenity and public transport this prominent three-level office building has a total NLA of 2,622sqm plus a single level of secure basement parking.
“Once refurbished and having secured leading accounting firm Findex on a new 10 year lease this is now the right asset, in the right market for investors seeking a solid, high performing investment,” Mr Burke said.
In addition to the Findex lease, a new lease has been signed with Nucleus Network Australia’s largest Phase 1 clinical research company, whilst long term tenants Clinical Laboratories and Coulter Legal have extended their leases over the past two years.
“The building is leased to a diverse mix of high quality and recognisable tenants providing a ‘set and forget’ investment with scope for further upside with a full scheme previously approved for two additional levels, including activiation of the rooftop area,” Mr Lumsden said.
Mr Lewis said Geelong experienced almost 4% population growth from 2019 to 2020 with a large number of residents relocating from the cities.
“Only Gold Coast and Sunshine Coast attracted more sea-changers from the city, than Geelong,” he said. “It’s estimated to hit 500,000 people by 2047 and we are fielding strong interest from buyers and occupiers of all persuasions keen to call the thriving coastal city home.”
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