A modern Dandenong South industrial investment is selling for $17.86 million to an as yet undisclosed institution.
Th 2.62 hectare site contains a 12,984 square metre facility with a corporate office.
Packaging company O’Kelly Group moved in five years ago; its lease expires in 2028.
Based on the present net rental, 6-24 Monash Drive is trading at a 5.3 per cent yield.
Savills’ Brad Esler said 13 offers were received following an expressions of interest campaign.
“This represents in excess of $226m of capital pursuing this single opportunity,” he added (story continues below).
Developed by Pellicano Group, the warehouse component has a minimum 8.5 metre clearance and several loading facilities.
It can also be driven around and has a large hardstand area.
Last month an interstate owner-occupier in the building business paid $8.1m for a 1.6ha block at Chadwick Investments’ Colemans Road Industrial Estate.
Also in the suburb this quarter, an investment on 3.9ha at 75 South Gippsland Highway traded for $15.46m – a price reflecting a 5.2pc net yield.
More to come…