Interstate investor swoops on Melbourne warehouses
An interstate investor has picked up a Melbourne industrial asset with two tenants on new five year leases with options.
The 1.56 hectare Laverton North property traded for $12.375 million – a 5.2 per cent yield.
With four separate industrial improvements comprising a total building area of 8844 square metres plus canopy area, it also contains ample staff and visitor parking.
Fully leased to Tranzwash Equipment Specialists and Civic Pallets Victoria until February, 2030, plus options to 2035, the total net annual rental income is $698,560 ex-GST.
Vinci Carbone’s Joseph Carbone and Frank Vinci said the on-market sale campaign generated over 80 enquires from local, interstate and off-shore investors which translated into a highly competitive sale process to determine the eventual result.
It sold two weeks after the close of an expressions of interest campaign, they added.
Last month a landmark 10.1ha Tottenham property, with 16 office/warehouses containing 60,028 sqm, hit the market (continues below).
Another interstate investor
The deal for 68-72 Fitzgerald Road, Laverton North, comes a fortnight since we reported a Western Australia based investor bought a regional Victorian Bunnings 10 days into an expressions of interest campaign.
In September, a New South Wales buyer acquired a piece of Preston’s Northland Homemaker Centre, while in July, a Queensland based investor bought a row of shops in Greville Street, Prahran.
Mr Carbone said interstate investors have great faith in Melbourne right now and see average yields good value, compared to other cities.
Many plan to hold long term, according to the executive, believing the market is set for above average capital value growth.
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