A local syndicate has purchased an office investment in Neutral Bay for $3.85 million in an off-market transaction.

The sale of the 360sq m strata asset at lots 1 and 2, 3-5 Young Street reflects a building rate of $10,695 per sqm and a yield of 5.8 percent.

Aaron McLean of Savills Metropolitan and Regional Sales brokered the deal on behalf of a local investor.

“The syndicate had been in the market to purchase well-positioned office space outside the Sydney CBD for quite some time, and this Neutral Bay option ticked several boxes,” he said.

“It offered convenience and value for money not seen in the CBD.”