NZ investor spends $7.1m on Melbourne factory after virtual inspections

The site (marked), within Vaughan’s Wyndham Estate, is near industrial property occupied by Bidfood, CEVA Logistics, Country Road and Hanes,

A New Zealand investor has spent $7.1 million on a modern west Melbourne industrial property following video walk-through inspections.

The fully leased asset at 33-39 Jessica Way, Truganina, is trading on a 5.75 per cent net passing yield.

It includes an office and dry blending and milk powder factory, constructed in 2008 and expanded in 2017, containing a total of 4982 square metres of area.

It sits on an 8250 sqm Industrial 1 zoned parcel within Vaughan’s Wyndham Estate.

Also with contains 55 car parks, the facility has been occupied for more than a decade by Australian Dairy Goods, owned by Dairy Best Victoria.

There’s four years remaining of the current lease.

Dawkins Occhiuto’s Chris Jones and Walter Occhiuto represented the vendor (story continues below).

“This is not the first time and it certainly won’t be the last time that we see purchaser’s taking advantage of a technology which has proven to be extraordinarily good at showcasing industrial properties,” Mr Jones said.

“In this case the property had several very notable attributes which made a compelling investment case.

“It is a quality, purpose-built facility by highly regarded national builder Vaughan Constructions, with a secure lease to a national tenant, and in one of the most sought after industrial locations in Australia”.

Dairy Best also occupies a property neighbouring 33-39 Jessica Way to the south.

Truganina is 22 kilometres from the city.

Dairy Best occupies the two properties which have just sold and another abutting that holding, to the south.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco