This article is from the Australian Property Journal archive
VIRTUS Property Group has made another off-market industrial property play in Melbourne’s south east, acquiring a former Linfox distribution facility in Oakleigh South for $12.5 million.
Encompassing 1.7 hectares of land, the property at 11-21 Bunney Rd has a warehouse and office facility of about 10,000 sqm.
Selling agents Chris McKenzie and Megan Miles of Crabtrees said the purchaser, local investor developer Peter Fountas of Virtus, would refurbish the existing buildings to lease out.
Virtus has just bought a 12,261 sqm warehouse in from Reece Plumbing’s Wilson Family in the nearby suburb of Clayton. The 74-86 Garden Rd property encompasses 34,790 sqm with surplus land for future development, and Virtus will consider re-letting and development options.
Further out from the city, diversified property group Quintessential Equity has sold an industrial property in Noble Park for $14.7 million. The site covers 23,811 sqm of land and has a 546 sqm office, 5,549 sqm warehouse and opportunities for future expansion with a large amount of land at the rear of site.
The property was sold on a yield of 5.74% with a lease over just over 10 years to long-term tenant Infrabuild, formerly OneSteel Reinforcing, and a fully owned subsidiary of the Gupta Family Group Alliance in Australia.
Quintessential Equity chief executive officer, Russell Bullen said the property’s location in one of Melbourne’s premier industrial areas, and recently renewed lease agreement had ensured very strong market interest in the site.
