BUYERS DO THEIR SUMS
Accountancy office attracts investor interest
ASTUTE investors from Geelong and Melbourne are showing keen interest in the freehold headquarters for a long-time South Geelong accountancy firm.
The office complex at 441 Moorabool St, South Geelong, will be offered at auction next month.
Maxwell Collins, Geelong agent Don Hough said the home for accountancy firm Illingworth David provided an attractive investment opportunity through its long lease arrangements.
The current least runs to June, 2019 with three more five-year options available to the tenants.
The building was originally the South Geelong Sons of Temperance Hall, which forms the Greek/Roman temple facade. The modern office complex was designed around the hall, which has some heritage restrictions.
“It’s a great property from the point of view of a holding investor because the current tenants have been there for some 30 years,” he said.
Mr Hough said price expectations would be about $1.75 million. He said interested buyers have been investors. “They see the value in an annuity-type property, not only providing a good income stream but potential for capital growth,” he said.
The 1068sq m property comprises the 712sq m building with partitioned offices, meeting room, board room, open plan and amenities and a rear car park for seven vehicles. The property goes to auction on September 15 at 1pm. For details, contact Mr Hough on 0408 356 678.