This article is from the Australian Property Journal archive
INVESTORS have purchased two single-level brick warehouses in Melbourne’s eastern suburb of Knox at more than $1,300 per sqm and on 5.2% yield.
Selling agents George Takis and Larry Takis of Teska Carson said the properties attracted attention from SMSF investors, as well as traditional residential investors wary of the troubled market.
Located at 50 Rushdale Street, Lot 3 sold for $315,000 and Lot 4 for $320,000. Lot 3 is a 331 sqm, on a 254 sqm site and returns $19,500 per annum, while the 338 sqm
Lot 4 is on a 256 sqm site and brings in $20,539 per annum.
Both have container access are located close to the Eastlink interchange and Ferntree Gully Road.
“Industrial property is now, more than it has been for several years, the asset of choice for astute investors and the ranks of those investors has recently been swelled by former apartment investors who have shifted their focus,” George Takis said.
He expects more sales as more vendors “get on board” and more investors are attracted to the sector, while the recent interest rate cut and perhaps further to also make impact.
Larry Takis said the properties were located within a very well-established and highly sought after industrial precinct that had benefitted greatly from recent new development driven by population growth and the opening of the nearby EastLink Tollway.
