A prominent campus style office park constructed in 1991 comprising 20,000sqm of commercial accommodation over three separate office buildings with ample car parking and planning approval for an additional 4,800sqm office. Underpinned by leases to Telstra and Deakin University, Greenwood Business Park had undergone significant recent refurbishment and is one of Melbourne’s most recognisable suburban commercial assets.
Banco Group, in a joint venture with Smorgon family interests, has sold this substantial Melbourne suburban business park for close to $70 million. The purchaser is a syndicate of Chinese investors, including Ryan Ouyang, a locally based developer originally from Hunan province in China. Mr Ouyang heads Ouson Group, a development, construction and investment firm which has completed a series of residential projects in Melbourne’s south-east.
On the sell side, private property player Banco Group, headed by brothers Mario and Antonio LoGiudice, has a diversified development and investment platform.
The property delivers about $6.5 million in rent and has a permit for another large office building. It is also a prime site for residential and retail development in Melbourne’s east.