Frasers Property Australia has offloaded an industrial asset for $15.7 million – a substantial rise on the $11.7 million book value attached to the site a year ago.
The holding, 23 Scanlon Drive (pictured top and left), about 20 kilometres north of the Melbourne CBD, was valued by the organisation at $12.9 million at the end of 2013.
Zoned Comprehensive Development, the 2.4 hectare holding contains a 12,361 square metre office warehouse leased to Criterion Industries for six years with two four-year options. It also includes on-site parking for 140 vehicles.
Returning annual rent of $976,519, the asset is trading on a passing yield of 6.2 per cent.
It is the second Epping industrial asset to sell for $15.7 million recently.
In July, the headquarters of Edlyn Foods, covering the addresses of 13 Ricky Way and 10 Jersey Drive, sold for this amount to Industria REIT. This site, covering a 2.1 hectare parcel, was offloaded by MPG Funds Management, which evolved from the McMullin Group.