Investor buys office/warehouse off-market
A local investor has quietly paid $9 million for a south east Melbourne office/warehouse with a new long lease.
The result for 110 Frankston Gardens Drive, Carrum Downs, reflects a 5.2 per cent net passing yield.
The rental agreement runs an initial 10 years.
Cameron Real Estate’s Angus Clark brokered the off-market sale after negotiating the lease with colleagues James Roux and Peter Blake.
110 Frankston Gardens Drive
On 7514 square metres zoned Industrial, 110 Frankston Gardens Dve contains c4500 sqm of hardstand and car park area.
Accessed via motorised gates and electric security fences, with CCTV, the site also contains two petrol tanks: 30,000 litres for diesel and 10,000 for petrol.
The improvement spreads 2051 sqm, about a quarter modern air-conditioned offices over two floors, and six tonne gantry crane.
There is also a 150 sqm undercover wash bay.
Former occupiers include Alfasi Hire, Bayport and Visionstream.
The property previously traded in 2013 for $3.825m.
Carrum Downs is about 48 kilometres from town.
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