Bid frenzy as Moorabbin industrial asset sells for $1.155M

SEVEN bidders battled it out as a stand-alone industrial property in the heart of Moorabbin’s industrial precinct sold for $1.155M under the hammer at 2 Capella Crescent.

The asset, that had a 495sq m* building area and a 605sq m* land area, came with Industrial 1 Zone (IN1Z).

The property was marketed and sold by Ray White Commercial Oakleigh Sales/Leasing Consultants Paul Rizzo and Theo Karkanis.

Mr Rizzo said there was extensive interest throughout the campaign with 47 enquiries, 11 inspections and 17 contract requests.

“The bidding started at $700,000, and after a further 55 bids, the property finally sold under the hammer to a local investor for $1.155M,” he said.

“There was a real buzz among the 35 attendees, and the seven bidders didn’t disappoint, with some fierce bidding for what was a highly sought-after investment.”

Mr Karkanis said the site was leased to Orange Automotive Group Pty Ltd (trading as Bright Star Motors).

“In 2018 they signed a 5+5-year lease with an attractive 3 per cent fixed annual increase and the asset produces a current net p.a. rental of $56,650,” he said.

“On the corner of Capella Crescent and Trent Street, this freehold investment also boasted dual roller door access, and is in one of the south-east’s most highly sought-after locations.”

*Approximately.