Hargrave family sell Noble Park warehouse
The Hargrave family has banked about $20 million for an industrial investment in Melbourne’s south east Notting Hill.
The 1.949 hectare property with a 13,502 square metre warehouse, leased for over 20 years to Oji Fibre Solutions – which is on an agreement expiring in 2027, or 2029 with an option, is trading to an interstate buyer.
The price reflects a circa-five per cent net passing yield.
Six offers came in following an expressions of interest campaign which attracted c150 enquiries, Lemon Baxter’s Paul Sullivan, who marketed 440 Princes Highway with Chris Chartres, said.
The property sold against a $16-$17m guide (story continues below).
Frank Hargrave, who died 18 months ago, aged 81, established Skilled Engineering in 1964.
He was also a real estate investor via a company, Larkfield Investments, run by his son, Greg.
More than a decade ago, the family teamed with Lendlease to replace a low rise ex-government office on 2.5ha at 590 Orrong Road, Armadale, with a multi-building high density residential complex, Toorak Park.
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