Supra Capital has set a new price record for its Uni Central development at Notting Hill with the sale of a ground floor suite leased to Mettler Packaging.
A locally based investor paid $700,000 for the suite – setting a new price benchmark for Uni Central of $6,350/sqm.
CBRE’s Elise Betts negotiated the sale of the 110.2sqm suite – the last remaining in the first stage of 27-31 Duerdin Street.
A further four, larger suites are presently being marketed for sale or lease in the second stage of 27-31 Duerdin Street, completing a five-year development program that has established Uni Central as a key business hub within the Monash technology precinct.
Ms Betts said the recent sale highlighted investor demand for new, sub $1 million office investment opportunities.
“There’s a lack of available investment product in this price segment, with a high proportion of the suites at Uni Central acquired by owner occupiers,” Ms Betts said.
“The sale was finalised within two weeks of the suite being listed, with the purchaser attracted by the quality leave covenant to a global tenant and the opportunity to invest in a master-planned business estate close to Monash University, the CSIRO and the Synchrotron.”
The suite includes four car parks on title and benefits from 3.5% annual rent increases.
The 27-31 Duerdin Street project is the latest for Supra Capital at Uni Central, following the development of a range of purpose-designed buildings - including hi-tech office complexes, corporate headquarters, office warehouses and individual office suites.
Supra Capital Executive Director Neil Bryson said the final four suites in the second stage of 27-31 Duerdin Street were larger offices ranging from 350sqm to 650sqm. Each were single level, offering significant street exposure.
“Our intention has been to create a campus-style environment, which gives each occupier great exposure and access, while minimising operating costs,” Mr Bryson said
“We expect the remaining offices to have broad appeal, given the demographics and amenity of the surrounding area.”
Ms Betts said the offices were equipped for immediate occupation and benefitted from access to on-site parking, a café and conference facilities.
Rents for the suites average $380/sqm net.
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