MACQUARIE Office Trust is about to test drive the performance of the commercial property markets, listing for sale an office investment overlooking the challenging Schumacher and Piquet bends of the F1 Albert Park race track. It was just three years ago, but toward the peak of the commercial property market, that MOT paid $26.26 million for the 11-level, 8400 square metre B-grade office previously known as the Zurich building. Now known as SMEC House, 71 Queens Road is expected to sell this time around for about $23 million, sources say reflecting a yield of about 9.5 per cent based on the asset’s annual income of just over $2.2 million.
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