576 Swan Street, Richmond offices sold for $46.5 million

576 Swan Street, Richmond offices sold for $46.5 million
Jonathan ChancellorDecember 16, 2014

The 360 Capital Office Fund has exchanged a conditional contract to buy 576 Swan Street, Richmond, Melbourne for $46.5 million, reflecting an initial yield of 7.7%.

The property is located within the Botanicca Corporate Park, set five kilometres from the Melbourne CBD.

Completed in August 2013, the A-grade building provides 8,331 square metre of net lettable area with 217 car spaces.

It is fully leased to GE Capital Finance and Forever New Clothing.

Its leases subject to fixed reviews, averaging 3.5% per annum.

The contract is conditional upon approval of the form of landlord deed of covenant by major tenant GE Capital Finance.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
Tags:
Office

Editor's Picks

Where to buy a new apartment on the Sunshine Coast in 2025
First look: Rose Bay's downsizer push continues
Blackburne files for "most exciting new apartment development yet" in South Perth
Construction underway at Deicorp’s Melrose Central in Melrose Park
Albero in Greensborough brings walkability and green access to the fore