Skip Ribbon Commands
Skip to main content

News release

MELBOURNE

Rare suburban office investment within Tally Ho Business Park sells for $10.8Million 


​ 1 Lakeside Drive, Burwood East located on the corner of Springvale Road and Burwood Highway within the Tally Ho Business park has been sold to a private investor for $10.8Million on an initial 4.99% yield.  

JLL Victoria Sales & Investment operatives Peter Sprekos and Lincoln Reynolds negotiated the sale.

The substantial freehold corner site of 5,435sqm consists of a stand-alone two level office building of 2,765sqm with a ground level restaurant and upper level office space.  The property is prominently positioned first within the business park which is located 18 kilometres from Melbourne’s CBD and boasts significant frontage and exposure to Burwood Highway.  The Burwood East location offers over 90,000sqm of lettable area over a variety of office buildings 

Sold on behalf of a private vendor, the rare suburban asset presented 78.30% occupancy with ANZ Bank, Mary Kay Australia, Marina Radiology and Café Oggi the currently committed covenants.  

JLL Victoria Sales & Investment Manager, Peter Sprekos said, “The asset attracted significant interest from a range of buyer types, including domestic and offshore based private and institutional investors and developers. Many investors including the purchasers viewed the 22% vacancy as a major opportunity with well-located buildings within the South Eastern suburban office markets continuing to attract quality national and international occupiers. The Malaysian based purchaser intends on refurbishing the current vacancy and undertaking an upgrade program on the building,” Mr Sprekos added.