This article is from the Australian Property Journal archive
PARAMOUNT Investments Group has sold a yet to be completed industrial facility at Derrimut’s in Melbourne's west for $10.9 million to a private investor, on a initial yield of 7.25%.
Located at 105 – 115 Paramount Boulevard within the Paramount Industrial Estate, the 15,800 sqm building is due for completion in May 2015, occupying a 25,140 sqm land area. It was sold subject to a new five-year lease to eStore Logistics Pty Ltd, on an annual income of $789,200.
CBRE’s Rory Hilton, Chris O’Brien and Tom Hayes sold the property following an expressions of interest campaign.
“The low commencing rent position and proposed quality facility created a lot of interest amongst a number of buyer profiles; privates, syndicates and institutions.
“This property provided a rare opportunity to acquire a high quality, leased investment offering potential stamp duty savings and depreciation benefits within one of Australia’s premium industrial precincts.” Hilton said.
Australian Property Journal
