A three-story office and data center is up for sale in Doncaster, Australia.
The 3,707 sqm (39,900 sq ft) three-story facility, located on 2 Frederick Street in the Melbourne suburb in Victoria, is being offered by Colliers and Fitzroys; expressions of interest closing Wednesday 13th April.
The property is currently leased to ASX-listed Hansen Technologies, which offers software and services to the energy, water & utilities, and telecommunications industries.
The Sydney Morning Herald reports that the Hansen family’s investment vehicle Kymarnam bought the property in 1994, paying AU$3 million.
The building is leased to Hansen until the end of 2024, and returns more than AU$770,00 (US$563,000) a year in rent. While the listing doesn’t include a price, the SMH said it is expected to sell in the mid-AU$20 million (US$14.6m) range.
The listing notes that the property offers a “unique" development opportunity: “This is one of the best landbank and development opportunities in Melbourne,” Fitzroy’s Paul Burns said. “We expect this one to be hotly pursued. It’s one of the last major sites to be developed in Doncaster Hill.”
“The purchaser will earn a reliable cash flow from an ASX-listed tenant while assessing the development options encouraged in the Major Activity Centre zoning,” he added