Industrial investment fetches $22m with a leaseback
The owner of Design RV has sold a recently completed manufacturing plant with a leaseback.
The off-market deal for 5 and 7 Administration Drive and 6 and 8 Evolution Drive, Pakenham – a 2.06 hectare rectangle shaped amalgamation – worth $22 million, is with a New South Wales private investor in their first Melbourne industrial play.
Three buildings contain 10,960 square metres, fit out also with offices.
The site, zoned Industrial 1, also contains significant hardstand.
The result reflects a 6.5 per cent net passing yield.
Jones Real Estate’s Paul Jones said four offers came in.
Max Weinzierl of conjunctional agency AW Industrial, added the seller built the facility though construction firm 5 Play, which occupies a neighbourig building, for multiple caravan manufacturing businesses.
“Pakenham continues to experience rapid industrial growth as businesses seek alternatives to capacity-constrained inner markets such as Monash, Dandenong and Casey,” according to the executive.
Another Pakenham deal
This particular property is also near the Princes Freeway and proposed Costco.
The deal comes a fortnight since we reported 5 Link Rd in the suburb traded for $9.75m – a 5.2pc yield.
In July meanwhile, McColl’s Transport leased just over an acre near there, for truck parking.
Pakenham is about 53 kilometres south east of Melbourne’s CBD.
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