A Kilsyth industrial asset occupying a two hectare site with development upside has sold for $7.025 million.
A high net worth interstate investor looking to expand his Melbourne portfolio is buying 420-426 Mount Dandenong Road on a 5.67 net effective yield.
Leased for five years with options to Caprice Paper Pty Ltd, a 6402 square metre building contains offices and a warehouse.
The factory is surrounded by sheds, canopy and hardstand/marshalling.
The brokers said the land – with 83 metres of frontage to Mount Dandenong Road – also has the potential to be rezoned to a higher use value – subject to approval.
Almost 19,000 cars a day pass the Kilsyth property, about 36 kilometres east of the Melbourne CBD, near Dorset and Canterbury roads, Maroondah Highway and the Ringwood Bypass.
Local amenity includes the Croydon train station, Croydon Shopping Centre, Dorset Public Golf Course and Recreation Reserve and Woolworths Kilsyth.