This article is from the Australian Property Journal archive
ELITE Property Group has sold a brand new office warehouse facility in Carrum Downs to a private investor for $3.9 million.
Located at 27 Lakewood Boulevard, Carrum Downs, 35km south east of the Melbourne CBD, the property is currently leased to Prestige Truck Bodies. Prestige Truck Bodies commenced a seven year lease in early 2010 with 1 seven year option. The total site area is 8,077 sqm which includes 40 ongrade car bays and a net lettable area of 3,145 sqm.
Jones Lang LaSalle national director Nicholas Ott said the property attracted a lot of attention from investors and achieved a notable yield result.
“The initial yield achieved on the sale of 27 Lakewood Boulevard is very tight at 7.69% which is an excellent result for the vendor. The equivalent yield is even shorter at 7.26%, further highlighting this great result.
“In 2010, as the listed sector recovers and yields are becoming tighter in certain areas, private investors are regaining confidence in the market which has led to competition for a broad range of industrial property and we are therefore seeing a substantial reduction in yields,” he added.
Australian Property Journal
