Toll warehouse fetches $11m
The Scaffidi family has sold a former Hoepners Transport facility held five years.
Nowadays occupied by Toll Transport, the 1.33 hectare industrial investment with a 4912 square metre office/warehouse at 591A Grand Junction Road, Gepps Cross, collected $11 million.
The deal was brokered off-market; Knight Frank’s Ryan Mills, Max Frohlich and Casey Clements were the agents.
The buyer is a local private investor.
The Scaffidis paid Hoepners $8m for the asset in 2021.
Also this month, we reported Realside and Corval bought Adelaide industrial investments at Edinburgh.
Another Gepps Cross deal
Toll, which was in 2015 bought by the Japan Postal Service, is on a lease expiring at Gepps Cross in 2027.
With options it can stay until 2039 (continues below).
Rent is reviewed annually, to the greater of CPI or three per cent.
The passing income is said to be about 20pc below market rate, the agents said.
The deal comes five weeks since we reported Northpoint Toyota bought adjoining Gepps Cross sites including 595 Grand Junction Rd, paying over $25m.
Late last year meanwhile, QIC shed a 4.57ha industrial investment in the pocket – 281-301 Grand Junction Rd, Ottoway, held a decade.
Westbridge Funds Management was that buyer, for $41m.
Lendlease also sold an asset in the area recently – backed by Australia Post, it fetched $22.52m.
Subscribe to our newsletter at the bottom of this page.
