Supercars Championship owner sells east Melbourne asset
Supercars Championship and Tickford Racing owner Rod Nash has offloaded an outer east Melbourne office and industrial investment – permit ready for a repurpose.
Eight suitors contested for Acacia Park, at 75 Acacia Road, just off the Burwood Highway, in Ferntree Gully, near the Dandenong Ranges.
Based on the return from ASX-listed tenant, Service Stream, the $8.621 million result reflects a 6.49 per cent yield.
Prior to offering it, Mr Nash obtained a permit for an industrial repurpose with 21 warehouses – a net saleable area of 6820 square metres.
Instead, the incoming owner, a New South Wales based investor, is intending to keep it as an investment.
Service Stream signed a new lease during the campaign (story continues below).
With options, it can stay until 2034.
Jones Real Estate’s Tim Spargo, Paul Jones and Dan Hannebery were the agents.
“The campaign generated…offers from local, national and offshore groups,” they said.
“The strength of the occupier, ASX listed Service Stream Limited, underpinned the asset, whilst the site offered significant long term upside in a land constrained market,” according to the executives.
Subscribe to our newsletter at the bottom of this page.
