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1 East Ridge Drive in Chirnside Park has its own lake.
The Chirnside Park office building has its own lake, restaurant and landscape garden, which is expected to break the real estate sales price record in the suburbs.
Go public with a hope of 19 million US dollars, located in 1 Dongling Drive Currently configured for 27 tenants, except for four of them are offices.
It was sold by the Melbourne-based boutique investment group United Property Fund, and it is understood that the group bought it for approximately US$17 million to US$18 million in 2018.
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Walter Occhiuto, director of Dawkins Occhiuto, a commercial real estate sales company, said that although many people may not think Chirnside Park is an office hotspot, 97% of the building is currently leased out and few are vacant.
“There is no competition,” Mr. Occhiuto said.
“It was originally built by the owner, so its construction specifications are very high.
“In addition, the lake is integrated with the retail stores on the ground floor, providing a large amount of outdoor environment, providing a very good prospect.
The outdoor space makes full use of the lake on the site.
Some upper-level offices also have outdoor spaces.
The asking price of US$19 million covers a complex built in 2009 that spans three floors and occupies 4,429 square meters with a ground retail area of 1,028 square meters.
In addition to real estate, the high price will enable buyers to get a return of US$1.255 million (6%) per year. Tenants include the federal government, medical services and investment groups.
Mr. Occhiuto said that he expects the demand for this 1.4-hectare property to be high, especially considering a spacious parking lot, and only 35% of the land has been developed so far, providing room for future expansion.
In recent years, the nearby area has developed significantly, but 1 East Ridge Drive is still unparalleled as an office space provider.
The interior design is excellent, with plenty of natural light.
He said that private buyers, consortia or smaller funds will be the most likely buyers.
With the exception of the 1 East Ridge Drive property, CoreLogic records show that Chirnside Park’s largest previous transaction was an office warehouse transaction valued at $14,312,100 signed at 8 Fletcher Rd in July last year.
The largest residential transaction in the suburb to date is a large residential and amateur farm valued at US$4.7 million. 14-16 Woorarra Court in 2014.
The letter of intent for the 1 East Ridge Drive property will close at 3 pm on August 5th.
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