A Dandenong South office/warehouse purpose built 20 years ago for Toyota Forklifts has been leased to International Mowers, which will relocate from a smaller property around the corner.
The incoming tenant is paying starting annual rent of $460,000 for 1/205 Abbotts Road.
The 5878 square metre holding was listed last December.
Containing 3533 sqm – inclusive of a 725 sqm office – it is more than double the area of the office/warehouse International Mowers will move from at 20-22 Hydrive Close.
Cameron Commercial’s Angus Clark represented the landlord which fully renovated the property before listing it.
Toyota stays local
The Abbotts Rd property includes an office with a mezzanine space, warehouse with 10.5 metre clearance and five tonne gantry crane, and 600 sqm concreted yard with a wash bay (story continues below).
The deal comes 14 months since we reported Toyota Material Handling Australia, which controls Toyota Forklifts, purchased a three hectare site in the suburb, on Discovery Drive, for a building, catering for assembly and sales divisions.
Last August, meanwhile, Toyota divested a 3.63ha Notting Hill office it occupied for years to Monash University which it is expected will move in longer term (the school will more immediately hold the property as an investment, securing Milwaulkee Tool in August).
Across town, at 48-54 Burns Road, Altona, a distribution centre developed for the car maker in 2003, now occupied by Portwest Pacific, sold in July to an offshore investor.
Worth 14.6m, that deal reflected a low 4.84 per cent yield.
Subscribe to our newsletter at the bottom of this page.