Bayside industrial investment trades for $13.8m

A local investor is paying $13.8 million for the Carrum Downs base of pump manufacturer Nov Mono.

The price values each square metre of the 2.23 hectare Industrial 1 zoned property, 75 Frankston Gardens Drive, at $603.

It also reflects a 5.43 per cent yield.

Colliers’ James Stott, Gordon Code and Daniel Telling represented the vendor, Carrum Downs Property Group.

The deal comes three months after Sunland sold a 5.1ha townhouse site in the suburb for $17m – or $333 per sqm.

75 Frankston Gardens Drive, Carrum Downs

The 75 Frankston Gardens Drive asset contains a 9587 sqm structure – about 16 per cent of which is configured with offices (story continues below).

This building covers 41pc of the site.

Nov Mono’s lease expires in 2026.

“Carrum Downs is effectively a fully developed industrial precinct and finding land rich brownfield sites to repurpose is part of a broader trend we are seeing in the south east as a result of the shrinking supply of zoned industrial land,” Mr Stott said.

“The future of this particular site is exciting with the prime corner allotment and gateway position affording multiple end-development outcomes”.

The suburb is about 36 kilometres south east of the CBD.

The Carrum Downs property contains a 7887 sqm warehouse 1574 sqm office and 126 sqm lunch room.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco