Private investors have traded a large Preston warehouse which has been occupied by one business since 1994.
The 4916 square metre Industrial 1 zoned property at 22 Reserve Street, on the north east corner of Fink, has collected over $8 million reflecting a circa five per cent net passing yield.
The asset contains a 3654 sqm double storey office/warehouse and car parking.
Gray Johnson’s Matt Hoath was the agent.
Preston land values escalating: agent
The occupier’s lease at 22 Reserve St expires in 2024, at which time it has a five year option.
“This was a key industrial-commercial investment opportunity in the strong Preston industrial quadrant,” Mr Hoath said of the property (story continues below).
“Occupancies are strong in this location due to its established nature and the excellent arterial road accesses to all points” he added.
“There are numerous head office major corporate occupancies in the immediate area and this sale ends a long held private ownership of this building and site,” according to the executive.
“Land values in this area of Preston have escalated over the last two years with recent sales at circa $2000 a sqm”.
Earlier this week we reported LOGOS was paying c$40m for a 7.8 hectare industrial development site in the neighbouring suburb of Reservoir comprising the ex-Linh Son Temple and William Ruthven Secondary College.
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