This article is from the Australian Property Journal archive
A PRIVATE investor has bought an industrial property at Croydon in Melbourne’s eastern suburbs for $840,000 on a yield of 8%.
The sale was negotiated by Savills executive Adrian Smith and Lynton Williams.
The property was sold subject to a six year lease with a six year option to R Mensa Pty Ltd trading as Creative Concrete Concepts.
Located at unit 16, 114-118 Merrindale Drive within the Merrindale Business Park, the property comprises a 600 sqm office and warehouse facility developed by Cincotta Constructions.
Smith said the property had only been on the market for one month.
“This is the sort of property that ticks all the boxes for investors: A secure lease profile, a virtually new building, and a sought after location both in terms of transport access and proximity to clients and suppliers,” Smith said.
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