This article is from the Australian Property Journal archive
A PRIVATE investor has paid $7.6 million for an office and warehouse at Carrum Downs in Melbourne’s south-east, in a deal brokered by Savills Australia and CB Richard Ellis.
The sale price represents a 7.5% yield.
The 65 Lathams Rd property comprises a 9,640 sqm warehouse facility including a 1,675 sqm office component on a 3.927ha site.
The property is the national headquarters of MonoPumps Australia Pty Ltd – a division of the US listed company Mono Nov.
MonoPumps signed a new 10 year lease with two by five year options and annual fixed rental increases, at a current net passing rental of $575,000 per annum.
Savills Australia’s Greg Jensz and Ben Hegerty and Jeremy Lewis and Gab Pascuzzi from CB Richard Ellis said the property represents an outstanding investment opportunity.
Jensz said the property ticked all the boxes for an astute investor.
“It has a brand new long term lease to an international company, modern buildings, a large parcel of land with development potential (STCA) and excellent access to EastLink, which is only one kilometre away, and the new Peninsula Link which is now under construction,”
Jensz said the site provided a surplus land area of 1.642has which could be subdivided off and sold or developed subject to council approval.
Australian Property Journal
