This article is from the Australian Property Journal archive
A PRIVATE investor has bought an office and warehouse facility at Braeside in Melbourne’s south-east for $2.26 million, in a deal negotiated by Savills Australia.
The vendor was a Melbourne based developer.
The 31-33 Lakewood Boulevard property was sold on a yield of 8.6% with a long term lease to 2017 in place to Australian olive oil producer and distributor, Redisland Australia Ltd at a rental of circa $224,850 per annum net.
Selling agent Savills director Lynton Williams said the 2,930 sqm property has attracted a lot of attention from investors.
“The property combines modern office accommodation with a warehousing component offering substantial efficiency gains. Add that to a long term lease in well established bayside location which has proven very attractive to industrial tenants and you have a property which is a hugely attractive investment proposition,” Williams said.
Property Review
