Virginia Park is a sizeable business park providing a mixture of industrial and office buildings as well as supporting facilities including gymnasium, swim centre, child care centre, children’s play centre, café, yoga centre and martial arts centre.
Virginia Park is situated predominately in a residential location in Bentleigh East approximately 13 kilometres south east of Melbourne. The site has recently been enhanced following the purchase of a neighbouring site that offers expansion potential while a section has been approved for residential development. Abacus is currently assessing its development options for the site.
This property is held in joint venture with a private investor.
| Ownership interest | 50% |
| Cap rate | 8.00% |
| Valuation date | September 2015 |
| Acquisition date | April 2006 |
| Site area | 123,460m2 |
| Net lettable area | 57,077m2 |
| Occupancy | 80% |
| WALE by income | 2.5 Years |
| Rent review stucture | CPI and Fixed |
| Major tenants by income | Xtralis, Vision Systems and Officeworks |
| Parking spaces | 1,680 |
| Valuation range | $50-60 million |