Derrimut industrial investment fetches c$11.4 million

The Derrimut asset returns net annual rent of $728,625.

A Melbourne industrial property offloaded in 2014 by Alan Jolly and Graham Stewart, who two years earlier sold their Australian Truck and Auto Parts business to Metcash, has traded again.

In Derrimut, about 18 kilometres west of the CBD, 2-10 Bliss Court is trading for $11.35 million.

On a 2.2 hectare holding within the Gilbertson Industrial Estate, the property includes a modern 9715 square metre building and 86 car parks.

It was offered with a new five year lease to Specialist Wholesalers Pty Ltd, a subsidiary of ASX-listed Bapcor.

Based on the annual net rental return of approximately $728,625, the investment is trading on a passing yield of about 6.4 per cent.

CBRE’s Rory Hilton, Chris O’Brien and Ben Hegerty represented the vendor, who paid Mr Jolly and Mr Stewart $8.84 million – a deal which reflected a passing yield of 9 per cent.

Earlier this week we reported that two tenants – CSR and EzyStrut – committed to an industrial estate under construction at 2 West Lake Place, Derrimut.

Marc Pallisco

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

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