A bayside office in Frankston’s main street has sold for around $20 million to Melbourne-based property syndicator Collective Capital.
The government-leased Landmark Corporate Centre at 454-472 Nepean Highway transacted to the Nicholas Thompson and Dale O’Dwyer controlled fund manager in an off market deal.
CBRE’s Mark Wizel and Josh Rutman handled the sale.
The property has room for more tenants. About 78 per cent of the building’s 6254 square metres is occupied by government and retail tenants. It returns a net passing income of nearly $1.24 million, but the sale’s yield was not disclosed, Mr Wizel said.
The five-level building with ground floor retail on a 2501 sq m site has three street frontages and parking for 142 cars. It sits on the corner of Wells Street, adjacent to the headquarters of South East Water, an office building completed in 2015.
Mr Thompson said they targeted because of its strong government and government-funded tenancy profile. “During these uncertain times, [that] will provide our investors with a high level of income security,” he said.
Title records list a company connected with the family of concert promoter Michael Coppel as the owner.
“Investors are seeking out opportunities where they can reposition buildings to cater for changing worker needs in strategic locations,” Mr Rutman said.