EUROPEAN INVESTORS SNAP UP BAYSIDE JUNCTION

Written on the 20 August 2015

EUROPEAN INVESTORS SNAP UP BAYSIDE JUNCTION

EUROPEAN investors have snapped up a large office block in Melbourne's South East market for $41.5 million.

The sale of Bayside Junction in Bentleigh follows Colliers International's largest on-market campaign in the city during 2015.

Peter Bremner and Jeremy Gruzewski facilitated the sale, in conjunction with Bayley Stuart's Andrew MacGillivray and Alasdair MacGillivray, on behalf of JAK Investment Group.

Bremner says European investors purchased the building through Henkell Brothers Investment Managers, with a yield of about 8.7 per cent.

"Bayside Junction has asserted itself as the premier office asset in Melbourne's South East market and represented an enticing investment proposition," Bremner says.

"The campaign attracted interest from local private investors as well as syndicates and interstate-based national institutions, before ultimately being purchased by Henkell Brothers Investment Managers on behalf of a partnership of European investors."

Andrew MacGillivray says Bayside Junction has recently been refurbished, as well as attracted high-calibre tenants including Alfred Health as an agency for Headspace and Royal District Nursing Services.

This follows the Commonwealth Government confirming their commitment to anchor around 50 per cent of the building for another five years.

"The entire 11,956sqm building has been leased or renewed within the past 12 months during what has been a subdued leasing market," MacGillivray says.

"This illustrates the demand of new entrants wanting to secure tenancies within Bayside Junction and also the commitment of existing tenants to remain for further terms.

"This underpins the market dominating position that the property holds. Located in a prime south-eastern location, Bayside Junction offered a rare opportunity to make an investment in a recently refurbished and landmark office building in a popular, tightly held bayside suburb."

 


Latest News

FORMER MFS EXECUTIVES HIT WITH DISQUALIFICATIONS AND MASSIVE FINES FOR MISAPPROPRIATING FUNDS

FIVE key players involved in an investment company that collapsed in 2008 owing $2.5 billion have been ordered to ...

SURFSTITCH BATTLING FOR SURVIVAL

QUEENSLAND based online retailer SurfStitch Group has gone into a voluntary trading halt for three months after it wa...

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

THE AMBITIOUS PLAN TO TURN A COLLAPSED FRANCHISE INTO AN EXPANDING BUSINESS

AUSTRALIA'S newest master franchise is set to launch in October as a commercial cleaning operation, resurrecte...

Related News

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal C...

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to ...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter