$4.1 million in sales at Wheelers Hill

A mix of owner-occupiers and investors have purchased 19 of the 54 office suites at the Wheelers Hill Business Centre for a total of $4.1 million.

Wheelers Hill Business Centre is being developed on Jells Road, Wheelers Hill, and will comprise a total of 54 office suites ranging in size from 21 sqm to 116 sqm.

Construction of the centre commenced in October 2006 and is due for completion by the end of 2007.

The end value of the Wheelers Hill Business Centre is estimated to realise $18 million.

Approximately 55% of the sales thus far have been to owner-occupiers, while 45% of the suites have been snapped up by investors.

The centre is being jointly marketed by Nichols Weber and Barry Plant.

Nichols Weber selling agent, Matt Nichols, said that all of the buyers are currently located within a five to seven kilometre radius of the centre.

"The sales results demonstrate the strength of the smaller suburban office market and indicate that there is a high level of demand from both investors and owner occupiers," Matt Nichols said.

Barry Plant selling agent, Sam Rossello, said that there is a genuine shortage of quality office stock available to occupiers wanting smaller premises, particularly in Melbourne’s south eastern suburbs.

The development is designed for smaller operators employing between one and ten people and offers a business networking community with shared lounge, kitchenettes and meeting facilities.

Reprinted with permission. The Australian Property Review. http://www.apr.com.au