An industrial asset in Melbourne’s west has sold for $7 million just 48 hours after it was touted for sale off-market.
Occupied by Victorian Freight Specialists, 10-20 Modal Place in Altona was marketed by Colliers International director Nick Saunders.
Based on the annual rental return, the investment, containing an 8100 square metre building, is trading on a 6.5 per cent yield, the broker said.
The property is about 13 kilometres from the CBD, abutting parkland around the Kayes Drain.
“The deal was culminated in 48 hours and demonstrates the strength and demand for good quality investment grade products in the Melbourne West market,” Mr Saunders said, adding that the vendor was a private client.