LOCAL INVESTOR SPLURGES 15M FOR DONCASTER OFFICE

A LOCAL private investor has forked out $15 million for a suburban office building at Doncaster in Melbourne’s east, which has changed hands for the first time in almost four decades.

Vinci Carbone director Frank Vinci negotiated the sale on behalf of developer Crema Group, which developed the property for AMP in the 1980s.

Built in the 1980s, the property comprises a two-level office building of 2,300 sqm with basement parking.

Frank Vinci said the sale price of $15,000,000 represents a land rate of just under $5,000 per sqm, which is in line with other sales in the area of permitted sites.

“Whilst this property doesn’t have a planning permit for a redevelopment we understand it may be able to be developed into a medium rise building containing circa 160-180 apartments,” Frank Vinci told Property Review Australia.