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.
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.