A local business owner who needs expansion space to support their ongoing growth has purchased an 8,719sq m vacant freestanding office building in Mulgrave VIC from a private investor for $9,100,000.
Located at 362 Wellington Road, Mulgrave, the two-level office building presents extremely well throughout, having undergone an extensive refurbishment in 2017 and is ideally positioned within the commercial business park hub of Mulgrave.
Large floor plates encompass the 3,775sq m* building which boasts natural light on all four sides and sits on a major Special Use Zone 6 landholding of 8,719sq m*.
There are 198 on-grade car spaces on title, with an additional 20 on grade carparks on 99 year lease and imposing frontage of over 64 metres* to Wellington Road.
The deal was negotiated by Benson Zhou, Clinton Baxter and Julian Heatherich, Savills Australia who said in spite of the volatile and uncertain market, there was demand for the asset from investors, owner occupiers and value add buyers alike.
“Not only does this sale highlight demand for premium suburban office opportunities but also the strength of the commercial market despite current economic headwinds.
“The buyer owns a local business that desperately needs expansion space to support their ongoing growth. This building proved to be ideal for their requirements.”
Learn more about Savills Metropolitan & Regional Sales.