This article is from the Australian Property Journal archive
AN overseas-based investor has paid $1.57 million for a standalone industrial building in Melbourne’s eastern suburb of Ferntree Gully.
Ray White Commercial’s George Kelepouris sold 1A/894 Burwood Highway.
Zoned Industrial 1, the 987 sqm property has a 1,000 sqm building and is leased to established long-term tenant Unique Bodyworx on a new five-year deal. The sale price reflected a 6.1% yield.
The property includes multiple offices, a grand reception area and large boardrooms, as well as 17 on-site car parks with eight being under cover.
Kelepouris said there were more than five bidders at the auction, with more than three offers presented to the vendor post-auction.
He said the building was sold to an overseas investor who was attracted to the flexibility of the factory being on a main road and in among large retailers including Beaurepaires, Sheen Panel Service, Bridgestone and Bob Jane T-Marts.
“This made the property an excellent investment and a great asset that could be added to their commercial property portfolio.”
Australian Property Journal
