An affordable government-tenanted gem
A highly sought-after government-tenanted investment in Melbourne is presenting a unique opportunity to secure an essential services asset at an entry level price.
The Bundoora office, leased by the Parliament of Victoria for the area’s current sitting politician, offers a prime, main road location with a strong tenancy history.
Interest has already been strong for the property at 1/1320 Plenty Road, which features a recently renewed four-year lease with the tenant having occupied the office for 11 years.
It will be auctioned at Burgess Rawson’s upcoming Investment Portfolio Auction on Wednesday, October 28.
Beau Coulter, who is marketing the property with Jamie Perlinger, said government-leased assets continued to be favoured as some of the most desirable investments in the commercial property market.
“The tenancy is an essential service which, given what Melbourne has faced this year, is very important,” Mr Coulter said.
“The Parliament of Victoria has also renewed for a further four years, which is a strong show of faith in the location and the property’s future security.”
Occupying 123sqm of office space on the ground floor of a major residential complex, the property is at the heart of one of Melbourne’s strongest north-eastern retail, educational and residential hubs.
Immediately opposite Bundoora Square Shopping Centre – anchored by Woolworths and Coles – and with Aldi just metres away, the office is also close to LaTrobe University’s Melbourne Campus and RMIT Bundoora.
“The location is very important. It’s on Plenty Rd which is high profile with more than 59,000 vehicles passing daily and close to one of Melbourne’s key education precincts.”
Currently returning $51,685 per annum plus GST, the property has price expectations in excess of $800,000.
Burgess Rawson’s Investment Portfolio Auction event will be held at 11am AEDT on Wednesday, October 28.