Box Hill Investment Sold at Auction for $1.28 Million
An office investment in the Melbourne growth suburb of Box Hill has been sold at auction by Ray White Commercial for $1.28 million and a 3.8 per cent yield.
The property leased to a computer company at G.02/8 Ellingworth Parade, Box Hill, was sold under the hammer to a local investor by Brett Diston of Ray White Commercial Vic-Nunawading on behalf of a private owner.
Brett Diston said the marketing campaign for the 145 sqm office suite lasted just two weeks but generated a tremendous response.
“We had a great crowd attend the onsite auction and four bidders,” he said.
“There was some very keen bidding and a total of 44 bids before the property was sold under the hammer.
“It was no surprise we had strong interest as this was a high calibre investment property in one of Melbourne’s fastest growing suburbs with some major infrastructure and development projects underway.”
Mr Diston said the property is located in the heart of Box Hill and close to transport links.
“The ground floor property has an excellent tenant on a three year lease and is returning net rental of $49,500 per annum,” he said.