Rethink Investing’s most recent podcast (#56) highlighted that now is a good time to purchase unique, quality, freehold office assets - that lease well. This asset meets these criteria, and provides a rare off market opportunity. Quality freehold assets such as this are rarely available at the net yield of 6% (in metro Melbourne), making the timing excellent to purchase this asset.<br><br>The asset is located in an affluent area, only 150m from a shopping centre, with the train station a short walk away. Due to the quality of both building and excellent location, the asset comes with a strong leasing history, and a diversity of tenants. With Melbourne’s fast growing population, it is likely this demand will grow.<br><br>Located at 385 Tooronga Road, Hawthorn East, the modern freehold office building offers approximately 432 sqm of net lettable area (NLA) and a total building area of approximately 517 sqm. Constructed in 2009, the property sits on a 402 sqm Commercial 2 Zoned site and is fully leased. <br><br>Over three-levels, the building features five separate tenancies with shared amenities on each floor, serviced by both lift and stairwell access. Key highlights include ducted heating and cooling systems, 14 car parking spaces via a rear car stacker (an excellent parking ratio), along with an abundance of public parking nearby. Additionally, Level 2 tenancy benefits from a wraparound balcony, adding value to the property. <br><br>The property generates a current rental income of approximately $167,601 per annum plus GST (after landlord outgoings of land tax and management fees). With fixed annual rental increases and a good leasing history, this asset demonstrates strong performance and stability. The tenant companies include finance, recruitment, a patio retailer, along with a multi-state dairy company. Tenants pay majority of the outgoings associated with the building, including rates, water, insurance, plus lift and car stacker maintenance. <br><br>Nestled among Melbourne's affluent suburbs—Toorak, Malvern, Hawthorn, and Camberwell—the property enjoys excellent connectivity. It is located 150 meters from Tooronga Village Shopping Centre, with Tooronga Train Station just a 9-minute walk away. Major arterial roads, including the Monash Freeway, provide seamless accessibility. Surrounded by national retailers and prominent business headquarters, the area also offers abundant green spaces and family-friendly amenities.<br><br>The timing is right for buying quality freehold office assets, and this freehold building ticks all the boxes, at an excellent price. <br>