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.
“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.