Melbourne toy factory trades for $10.7m
A south east Melbourne warehouse, leased since last year to one of the country’s largest toymakers, has sold off-market.
A private investor outlaid $10.65 million — a 5.38 per cent net passing yield — for 66 Logis Boulevard, Dandenong South.
Also exposed to Bazalgette Crescent, the 7080 square metre holding is within Frasers Property Industrial’s Logis Estate, covering 154 hectares on land made available more than 20 years ago by Development Victoria (then VicUrban).
Melbourne Water was also involved in the business park’s initial planning, given parts of the site were affected by drainage and floodplain management tied to the Dandenong Creek catchment.
Off-market deal
The Dandenong South property, with a 4104 sqm office/warehouse and 62 car parks, is leased to Headstart International – established in 2007 by ex-Funtastic founder David Hendy and son, Andrew.
With brands including Cubeez and Ooshies – it replaced the company’s Oakleigh headquarters, which spanned 1106 sqm (continues below).
RJ Living was the former occupier.
“This asset offered a compelling combination of strong income, quality improvements and a prime Logis address, which resonated strongly with the buyer,” CBRE’s Fraser Pearce, who brokered the off-market deal with Alex Grima and Patrick Noone, said.
“The tightly held Logis Estate [is] recognised as one of the region’s premier logistics precincts,” he added.
Dandenong South is about 33 kilometres from Melbourne’s CBD.
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