Investor swoops on land rich manufacturing plant
An investor forked out $25,088,000 for a major Melbourne industrial asset.
The result for the recently updated, already modern manufacturing plant with 10,762 square metres on 2.6 hectares at 20-22 Permas Way, Truganina, reflects a 5.6 per cent net passing yield.
Wire Industries is the only tenant on a lease expiring in 2034.
With improvements covering 42pc of the block, the holding has longer-term development upside.
The vendor acquired the property from developer Vaughan Constructions in 2010.
It was extended ahead of the recent lease commitment.
The warehouse is high clearance.
The gated site can accommodate B-double trucks and has extensive hardstand and parking.
“This transaction highlights the shift to core thematic emerging within the industrial market, with investors favouring well-located assets in core markets, underpinned by long-term leases and secure -income growth potential,” Colliers Daniel Telling, who brokered the deal with Hugh Gilbert and Billy Kanakis, said.
“With limited supply of institutional-grade assets in infill markets, investors continue to compete aggressively for assets offering security and long-term value enhancement,” he added.
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