This article is from the Australian Property Journal archive
AN industrial property in Melbourne's south-eastern suburb of Keysborough has sold at auction to a private investor for $1.01 million on a tight yield of 6.17%.
Selling agents Savills’ Joseph Catanese and Cameron Stuckey sold the property which is leased to Beaurepaires.
The reserve price was undisclosed, but it is believed to be approximately $900,000.
The agents said the property was put on the market for the first time in 29 years and attracted a huge level of interest, drawing several offers prior to auction and ultimately selling after more than 40 bids.
“This property sold on a very strong yield which could well be a record for the area and that is really no surprise given the level of interest we received both prior to and during the auction,” Stuckey said.
Catanese said the property was sold subject to a new five year lease to Beaurepaires – the national tyre, wheel, and car battery retailer – at $62,355 per annum.
He added that the result reflected the shortage of similar investment properties, the growth in SMSFs property acquisitions, low interest rates, and share market volatility.
Located on the corner of Cambria and Cheltenham roads at Keysborough, the 535 sqm service centre is set on a 1,671 sqm site.
Property Review
