This article is from the Australian Property Journal archive
A PRIVATE investor has bought an office and warehouse property at Derrimut in Melbourne’s west for $8.84 million on a 9% yield.
Located at 2-10 Bliss Court – within the Gilbertson Industrial Estate, the property comprises a 9,715 sqm industrial facility including 946 sqm of office space, a 8,796 sqm warehouse, 89 sqm of mezzanine storage, and 963 sqm of canopy on a 21,450 sqm site.
The property was sold subject to a secure five-year lease to Australian Automotive Distribution Pty Ltd at $798,406 per annum net.
Savills industrial directors Chris Jones and Ben Hegerty negotiated the deal, taking their total sales tally to $150 million so far this year.
Jones said the property offered impeccable investment credentials due to its premier location, with access to major freeways and arterials, on a well regarded estate, modern, functional improvements and a secure lease profile.
He added the property also offered rental growth and ongoing depreciation benefits as well as a rental guarantee.
Hegerty said the lack of similar quality investments on the market had resulted in the property attracting significant attention from astute investors looking for strong industrial yields.
“Investors are being increasingly drawn to the very attractive yields on offer in the industrial investment market and ultimately this property delivered a great result,” Hegerty said.
Australian Property Journal
