Queen Street floors fetch $1.1 million

The ground and first floors of 20 Queen Street in Melbourne have sold by private treaty for $1.1 million. The space, leased to long term tenant LH Law Pty Ltd, sold on a net yield of 7.2%.

The 692 sqm space is leased until July 2008 and includes a five year option. The current net annual rental is approximately $80,000.

Rob Harrington of Fitzroys Melbourne was the selling agent.

"This was another example of the widely reported convergence of investors on the CBD office market who see the genuine growth conditions," Mr Harrington said.

A private investor purchased the property.

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