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Strategic Investment into the Broadmeadows Activity Centre on Pascoe Vale Road
MELBOURNE, 22 AUGUST 2013 – A local private investor has paid close to $8 million for the high profile mixed use commercial office and retail building integrating the Broadmeadows Railway Station and Bus Interchange at 1100 Pascoe Vale Road.
Steven Messina of Jones Lang LaSalle sold the property on behalf of a private investor from Regional Victoria who has owned it for over a decade.
Situated in the Broadmeadows District Centre, 15 kilometres north of Melbourne’s CBD, the property has a huge 105 metre frontage to Pascoe Vale Road and is strategically constructed around the Broadmeadows Railway Station in two distinctly separate buildings.
Comprising 17 tenancies, including several Government and related entities, and ground floor convenience users, the fully let income is over $1.3 million. The centre has had minimal vacancies over its lifetime due to its strong association with local retailers and office tenants that have a close synergy with the local Broadmeadows Activity centre, Hume District and north western suburbs.
The 4,296.2sqm building is part of the growing Broadmeadows Acitvity Centre which is also home to the Broadmeadows shopping centre, Kangan Institute and Government offices including VicRoads, Victorian Police, CentreLink, Magistrates Court, and Hume Council Office.
Mr Messina said “This mixed use investment offered a high yielding return and, coupled with the consistent tenancy profile throughout the last decade given the few alternative office accommodation options within the Broadmeadows District Centre, had a strong appeal with local investors.”
According to Jones Lang LaSalle Research, Broadmeadows is one of the main retail centres in northern metropolitan Melbourne, and is the only designated Central Activities Area (CAA) in the northern metropolitan region.
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