Melbourne warehouse shifts for $4.65 millionThe 119 Studley Court property is located on the 180-hectare Paramount Industrial Estate, developed by Investa. Photo: Supplied

Melbourne warehouse shifts for $4.65 million

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.

Keep up with Commercial Real Estate news.

Check out our Privacy Policy.