Box Hill South LFR investment sold
An offshore investor has paid $15.5 million for a large-format retail investment in Melbourne’s east anchored by Genesis Fitness Club and Legend Billiards Club.
The result for 321 Middleborough Road, Box Hill, reflects a 5.21 per cent net passing yield.
On 8076 square metre zoned Industrial 1, it contains 4253 sqm with 141 car parks.
Fully leased to four tenants, it earns $907,000 per annum net.
The weighted average lease expiry is 4.4 years.
Another Genesis gym sale
Across five titles, the asset forms the northern gateway to a large-format retail precinct near Burwood Brickworks, Box Hill’s commercial centre and Deakin University.
Anaconda, BCF, Bunnings, Chemist Warehouse, Officeworks and Spotlight occupy nearby showrooms and outlets (continues below).
Kmart recently leased a spot for its maiden first “IKEA-beating” K-Home store.
Gross Waddell ICR’s Danny Clark, Glenn Ye and Michael Gross marketed 321 Middleborough Rd.
“The asset…[offered] a compelling mix of immediate income, long-term flexibility and substantial underlying land value,” they said.
“The result reflects continued demand from both local and offshore investors for high-quality metropolitan assets,” they added.
“The transaction is a further testament to the enduring appetite for large format retail investments, particularly those offering scale, secure income and strategic positioning within well-established retail and lifestyle catchments,” according to the executives.
The deal comes three weeks since we reported ex-NRL player Wes Maas, who recently bought into the Derrimut 24:7 gym business, snapped up an east Melbourne gym leased to Genesis, for c$15m.
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