A private investor has paid $1.02 million at auction for a modern office building in Notting Hill with vacant possession.
Located close to freeway access in the Monash Business Park at 14 Business Park Drive, the property comprises a two level, 514 sqm building with 18 on-site car spaces and the flexibility to lease the office floors separately.
According to selling agent Colliers International’s Peter Bremner the purchaser, who owns a similar office nearby, acquired the vacant building buoyed by a perception of a strengthening leasing market.
“The fact this property was sold without a tenant demonstrates the high level of confidence investors have in the leasing market in Notting Hill and the fact there is not much quality stock available around the $1 million price range.
“This attitude to what has been a relatively soft market in 2003 augurs well for leasing in the new year.” Bremner says.
