Dandenong South industrial investment trades for $16.78m

In April, Centuria purchased a Dandenong South industrial estate on a funds through basis.

A showroom and warehouse on 1.92 hectares, in Dandenong South, has sold to a private investor for $16.78 million.

The off-market deal for 35 Greens Road reflects a c5.76 per cent net passing yield.

The property contains 10,080 square metres of older style space within two tenancies.

Its Weighted Average Lease Expiry is five years.

The incoming owner is also a developer.

Cameron’s Angus Clark and Henry Sayers were the brokers; the property previously traded for $6.12m in 2016 (story continues below).

The agency also negotiated the two rental agreements including for the showroom to The Furniture Trader.

Elsewhere in the suburb, in April, we reported Centuria paid Cadence Property Group $88.8m on a funds-through basis for an industrial estate.

A month earlier, a modern office/warehouse investment on 2.62ha traded for $17.86m.

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Marc Pallisco

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