Regional investor picks up Dandenong servo
An investor has sold a Dandenong South service station nearly three years after buying it off-the-plan.
The 2973 square metre United at 247-263 Greens Road is trading for $8.5 million, reflecting a 5.5 per cent yield.
The seller paid developers Pomeroy Pacific and McLaren Investments $8.05m – on a similar return.
Jones Real Estate’s Paul Jones and Tim Spargo were the agents both times; the latest sale is to a regional investor.
Dandenong South is Melbourne’s priciest industrial market to buy or rent, outside of the inner-city.
In June, Toyota Materials Handling snapped up a block in the suburb for a 12,827 square metre facility.
Not long earlier, textiles supplier Nolan leased a new 7961 sqm space within Fraser Property Industrial’s Rubix Connect estate.
Earlier this month, the suburb’s Lunar Drive-In, on 5.9 hectares, hit the market as an industrial development site with a $45m-plus guide (story continues below).
United Greens Road
On the north west corner of Logis Boulevard/Ordish Road, 247-263 Greens Rd sits at the entrance of the Logis business park.
Permitted to trade 24 hours, and with three crossovers, it includes passenger car and truck stop diesel fuel stations.
The store spreads 335 sqm.
United is on a 15 year lease but with options can stay until 2050.
Elsewhere in the suburb, it trades from an outlet at 314 South Gippsland Highway.
Subscribe to our newsletter at the bottom of this page.
