GormanKelly are pleased to advise that 19-23 Prospect Street, Box Hill sold to a local investor on an unconditional basis with a short settlement period, for an amount well in excess of the anticipated selling range.
The 3 level office building of 4,304sqm was fully leased to a mixture of government and not for profit tenants, returning $1,370,000* net per annum on a WALE of 3.56 years.
The property offered considerable development potential with sky scraper height limits and was located within close proximity to a number of amenities including Box Hill Central Shopping Centre & Box Hill Train Station.
We’ve had a long history with Prospect Street, having sold the property in 2009 for Becton to the current Vendor and we’ve managed the property ever since.
Our Property Manager Ann Magee positioned the property for sale, by ensuring that essential services and full building compliance were up to date and that the building presented in the best light.
We received an enormous response to our marketing efforts and a highly competitive number of Expressions of Interest.