Argosy Property Ltd has unconditionally sold the office building at 626 Great South Rd, Greenlane, for $10.6 million, 8.2% over the current book value of $9.8 million. Settlement is scheduled for Friday 30 November.
Argosy chief executive Peter Mence said: “The property was held within our non-core pool of assets and we have taken the opportunity to continue divesting assets in an attractive vendors’ market. The settlement proceeds will initially be applied to reducing bank debt. While we still see the property market as being very firm, we continue to consider acquisitions & divestments where they fit within our long-term strategy.”
The 4-level office building has a net lettable area of 2647m², plus parking.
Attribution: Company release.