Office for sale

ONE of Melbourne's larger mid-suburban offices is back on the market and expected to make a tidy profit for property investment fund manager Forza Capital.

ONE of Melbourne's larger mid-suburban offices is back on the market and expected to make a tidy profit for property investment fund manager Forza Capital.

The sale of the three-level freestanding building in Cheltenham, which is leased as the head office of fast-growing private health insurance intermediary iSelect, is to be handled by CBRE and Jones Lang Lasalle.

Forza brought the office near Southland Shopping Centre in 2011 for $15.4 million. It is set on a substantial 14,605 square metre site at 294 Bay Road and has development potential. The price tag now is about $23 million.

"We think now is the right time to test the market for our investors and look at other opportunities into which we can recycle capital," Forza director Ashley Wain said.