This article is from the Australian Property Journal archive
HUDSON Investment Group has sold a bulky goods centre near Essendon Airport in Melbourne’s north west for $11.45 million.
Located at 299 Pascoe Vale Rd, Essendon was sold by CB Richard Ellis to an undisclosed investor.
Hudson Investment Group said proceeds from the sale will be recycled and reinvested.
The property currently operates as a single level bulky goods centre totaling 7,416 sqm on a 15,309 sqm land area.
It is currently leased to gymnasium and exercise equipment retailer Workout World, health club Fitness First, automotive retailer Super Cheap Auto and Guardian Storage.
The centre delivers a passing income of $935,972 per annum and has a weighted average lease expiry period of 8.4 years.
The property has an undeveloped site with future development potential.
Australian Property Journal
