A securely leased dual warehouse site in Melbourne’s west has been sold by Savills.
The 12,400-square-metre site on Derrimut’s Paramount Industrial Estate has been sold to a private investor in a deal brokered by Savills’ Industrial Directors Chris Jones and Ben Hegerty.
The buyer paid $4.65 million on a 7.8 per cent yield for the dual office-warehouse at 119 Studley Court, previously owned VG Concrete’s Ivan Vigloroni.
According to Savills, the property is securely leased to two tenants at a combined $384,710 per annum net.
The site incorporates a truck marshalling area, landscaped surrounds and 60 car spaces.
The buildings, which have scope to be combined into a single tenancy occupancy, currently consist of a 2406-square-metre office-warehouse leased to Pelikan Artline, and a 3013-square-metre showroom-warehouse leased to NHP Electrical.
Mr Jones said that the price reflected the building’s eligibility for depreciation benefits and increasing investor demand for the Investa-developed Paramount.
“This was an astute purchase of a property which offered relatively good prospects in a market characterised by a shortage of good quality industrial investments and increasing demand from a growing number of investors,’’ he said.