FRASERS Property Australia has sold a fully occupied office building in Church Street, Richmond for A$45.5 million (S$46.8 million) to BlackRock Asset Management.

The 8,000-square-metre property, known as Building 10 at 658 Church Street in Richmond, is fully leased with a weighted average lease expiry of 3.1 years.

Hamish MacDonald, director at BlackRock, said: "BlackRock Asset Management is pleased to secure this property at a price that reflects an initial yield of approximately 7.15 per cent and is well positioned to benefit from the improving leasing market over the next few years."

Robert Wallace, executive general manager - investment property, Frasers Property Australia, said the high-quality office building attracted strong interest from an array of prospective purchasers throughout the expression-of-interest campaign.

Chamoun Malki, general manager - commercial, Frasers Property Australia, said the strong result reflects the property's car parking ratio, convenient suburban location and enduring tenant appeal.

Jones Lang LaSalle and Colliers International coordinated the sales campaign.