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.
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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