CitiWest Homes sells Truganina industrial investment

CitiWest Homes has sold an office/warehouse in Truganina, in Melbourne’s west, for $1.775 million.

The investment is tenanted to Breakaway Group Pty Ltd which pays annual rent of $113,320.

On that basis, the property at 94 Agar Drive is trading on a passing yield of 6.4 per cent.

CBRE’s Tim Homes and Tom Murphy represented CitiWest Homes.

“The property was sold off-market to a private investor who was keen to acquire a modern investment with convenient freeway access,” Mr Homes said.

Mr Murphy said CBRE has been involved throughout the property’s development cycle.

“We originally sold the site to the developer, pre-leased the property to a specific tenant and have now sold it as an investment at a record rate per square metre”.

Within the Agar Industrial Estate (pictured, top), #94 includes a lettable area of 1080 square metres.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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