Growthpoint buys Melbourne site to develop

Company News

Growthpoint Properties Australia Limited (ASX:GOZ) has inked a deal to buy a 1.1 hectare site in Melbourne which will comprise a seven storey suburban office building. 
The property group has bought the site on 211 Wellington Road, Mulgrave from Australand and its joint venture partner Commercial & Industrial Property Pty Ltd.  
Growthpoint says is will acquire the site for about $7 million and will pay the balance of $55.6 million monthly on a cost to complete basis. 
The building will be 60 per cent leased to major tenant Monash University under a five year lease from practical completion with two options of five years each. 
Growthpoint Properties Australia reported a net profit of $117 million in the 2014 financial year.