Dandenong South Warehouse Sold for $1.32 Million

Dandenong South Warehouse Sold for $1.32 Million

A tenanted office/warehouse which is situated in the industrial hub of Dandenong South in Melbourne’s outer south-east has been sold by Ray White Commercial Oakleigh for $1.32 million.

The property at 21 Quality Drive, Dandenong South, was sold to a local investor for his self-managed superannuation fund by George Kelepouris from Ray White Commercial Oakleigh on behalf of a local owner for a yield of 8.4 per cent.

George Kelepouris said the property is leased by panel beating business Ultra Finish who commenced a three year tenancy in November, 2014.

“This was a great investment opportunity with the property having an established tenant and returning net rental income of approximately $112,000 per annum,” he said.

“We had strong interest from a number of parties with the combination of the quality of the property and the fact that it is producing holding income making this an appealing offering.”

George Kelepouris said the warehouse was situated on approximately 1,800sqmof land with a building area of 910 sqm.

“The warehouse featured approximately 60 sqm of modern ground floor reception area and two partitioned offices,” he said.

“The kitchen and amenities, 19 car spaces and quality fit out with CCTV, alarm system and recently installed solar panel valued in excess of $100,000 were all very appealing to the buyer and other interested parties.

“The property’s strategic location in the industrialised suburb of Dandenong South and within easy access of the Eastlink Toll Road via Greens Road all assisted in the sale.”