Derrimut, Kilsyth warehouses earn $32.35m from private buyers
Local private investors have splashed out over $30 million on mid-size industrial assets each side of the city.
In Kilsyth, a 2.04 hectare property, 420-426 Mount Dandenong Road (outlined, image, top), has traded for $11.5m reflecting a 4.19 per cent gross yield.
The deal is a major windfall for the interstate private vendor who outlaid $7.025m in mid-2019 on a 5.67pc net effective return.
Caprice Paper is the occupier – its lease expires in 2024.
The asset contains 6409 sqm and is passed by c19,000 vehicles a day.
The deal comes a week since a distribution centre at 20 Calarco Dve, Derrimut, traded for $20.85m, reflecting a 3.3pc yield (story continues below).
On a similar sized (2.13ha) parcel, and with 9265 sqm of area, it is leased for 9.5 years to Cryer Malt – Australia and New Zealand’s largest distributor of craft brewing ingredients.
Drew Williams of Rutherfords Property advised the buyer.
Colliers’ Jack Kelliher, Nick Saunders and Hugh Gilbert represented the seller.
Colleagues Daniel Telling, Jonathan Mercuri, Richard Wilkinson and Gordon Code marketed the Kilsyth property.
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