Harmony Property Investments have leased Level 3, 1180 Toorak Road, Camberwell to existing tenant Emeritus Research.
1180 Toorak Road is a modern, three level office building constructed in 2013 to a high standard by Ireland Brown Constructions. National Portfolio Manager, Carol Olsen, said “we have been extremely happy with the purchase of 1180 Toorak Road, investors in this Fund have seen some 30% capital growth since purchase some 3 years ago and continue to receive a regular return of 7.5%.
Level 3 (460m²) has been leased for 5 years at a rental rate of $390/m² net. The deal is a strong result for the Outer East, however is reflective of the quality of the building and existing fit out that was in place. The current strength of the Melbourne office market with limited quality stock available has also seen favourable terms for investors.
Emeritus Research is an independent clinical research centre and 1180 Toorak Road is their head office, consulting rooms and research laboratory. Emeritus recruits participants for clinical trials in the areas of arthritis, skin, inflammatory bowel diseases and also healthy volunteer studies.
5 December 2019