This article is from the Australian Property Journal archive
AN industrial property leased to international publishing company Parragon Publishing in Derrimut, 18km west of Melbourne has sold for $5.1 million.
Colliers International industrial director Tony Iuliano and Associate David Kalb negotiated the sale, in conjunction with Knight Frank’s Dane Nichols and Andrew Macqueen, to a private investor.
Located at 26 Paramount Blvd, within the Paramount Industrial Estate, the 12,370 sqm site comprises a modern office warehouse facility. Neighbouring tenants include Mercedes Benz, Aldi, Coles, Audi, Stora Enzo, Sleepy Head, Vista Print, Hellmann and Blundstone.
Iuliano said the property is within 2km of both the Deer Park Bypass and Western Ring Rd and represented an outstanding opportunity to purchase a securely leased investment property in a location that was second-to-none in Melbourne’s western industrial area.
“The asset value is underpinned by its lease to a highly regarded tenant and current net rental income of $516,600.54.
“The major occupiers in the area have been attracted to this western location due to the freeway linkages, ease of access to and from the ports for container deliveries and reduced traffic congestion when compared to other parts of Melbourne,” he added.
Constructed in 2008, Iuliano said the office warehouse was of dado construction with high internal clearance, three on-grade roller shutter doors, two recessed loading docks and loading canopies. Offices were constructed over two levels, providing a mix of open plan and partitioned office accommodation.
Australian Property Journal
