Property syndicator, Fawkner Property, has appointed rapidly growing Melbourne agency Stonebridge Property Group to sell a prominent two-level office building located at 456 Lower Heidelberg Road (corner Banksia Road), Heidelberg in Victoria. The property is being offered for sale with a lease expiry in April 2031, guaranteed by Healius Limited (ASX: HLS), one of the biggest medical services companies in Australia.
Justin Dowers, Julian White and Kevin Tong have been appointed as sole agents to sell the property on behalf of Fawkner.
The property is positioned in a gateway location of the Heidelberg Activity Centre, an area known as the major hospital and health precinct of Melbourne’s northern suburbs. Major hospitals in the precinct include the Austin Hospital, Mercy Hospital for Women, Heidelberg Repatriation Hospital and Warringal Private Hospital.
In addition to this extensive health related industry is the substantial retail amenity, with Burgundy Road retail strip and Warringal Shopping Centre all only a short walk to the property, plus a new Woolworths opened immediately opposite.
The modern 3,459sqm* office building is complimented by 131 basement car parks and signage income. Stonebridge Partner, Justin Dowers, said the lease will be a major attraction given the high-quality tenant and length of lease, “in a market that is predicted to maintain a lower interest rate environment, we continue to receive very strong investor demand in properties with long term leases to high quality tenants. With an April 2031 term expiry, fixed annual increases, a net lease, and guarantee from a publicly listed company with a market cap of $2.54 billion, this property will fit this investor requirement perfectly.”
The building is located on an expansive Commercial 1 Zone corner site 2,422 sqm with 96m of frontage, plus rear laneway access. The property is defined as a gateway site and has a favourable Design and Development Overlay for a 25m height limit. Stonebridge Partner, Julian White, said the underlying land value and development potential offers an additional benefit to the purchaser at the end of the lease; “the property has options to renew the lease, add value or redevelop at the end of the term, with this flexibility anticipated to enhance appeal from investors to buy today”.
456 Lower Heidelberg Road, Heidelberg will be sold via an expressions of interest campaign closing 29th of July at 2:00pm (AEST).
Content & Image Courtesy of Stonebridge Property Group
