Investor pays $4.8 million for industrial property leased to Crown Casino
A Sunshine West industrial property tenanted to Crown Melbourne Limited, which occupies it as a storage and distribution centre servicing Crown Casino, has sold for $4.775 million.
The expressions of interest campaign for 54-58 Vella Street generated over 30 enquiries, according to CVA agents Daniel Philip and Anthony Carbone.
Four formal offers were received.
The sale price values each square metre of the building area at $1324.
Based on the annual rent Crown pays ($245,062.20), the Sunshine West asset is trading on a 5.1 per cent passing yield.
The agents said the tenant recently made a substantial investment into the property, which was offered for sale for the first time.
On a 5602 square metre block, with 55 metres of street frontage, the property is configured with a 3607 sqm building – about 10 per cent of which is offices.
It also includes a front hardstand area of 930 sqm with dual entry and a recessed loading dock – which, the agents say, allows easy truck access and manoeuvrability.
The property is about 15 kilometres from the CBD and Crown Casino, in Southbank.
