Former Karcher HQ in Scoresby sells for $7.35 million

An owner-occupier is paying $7.35 million for the former local headquarters of Germany-based steam, vacuum cleaner and pressure washer giant, Karcher.

The office warehouse at 40 Koornang Road, Scoresby (pictured, top), about 24 kilometres south-east of the Melbourne CBD, sold after the marketing agents launched a leasing campaign seeking a tenant from May 1.

Cushman & Wakefield’s Jordie Cassidy and Andrew O’Connell were the brokers.

Marketed – for rent – as a “magnificent corporate headquarters”, the modern building contains a two-storey 892 square metre office and 3757 sqm clear span warehouse.

It also includes more than 50 car parks, three roller-shutter doors and a loading dock.

Mr Cassidy told realestatesource.com.au that the former owner received multiple requests to sell the property after it was vacated by Karcher.

The broker added that the recent interest rate cut is continuing to strengthen the owner occupier market in the industrial space.

Often in low interest rate environments like the current one, owner-occupiers find it more cost effective to buy a property, instead of rent – a move which also allows them to benefit from capital value growth – but be up for tax (including land and capital gains).

The Scoresby asset is about a kilometre away from the diamond interchange connecting Ferntree Gully Road and Eastlink.

Marc Pallisco

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

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