Frankston Investment Sold
A tenanted investment opportunity at Frankston, south east of Melbourne, has been sold by Ray White Commercial Oakleigh for $415,000.
The warehouse at 41 New Street, Frankston, was sold to a private investor by Ray White Commercial Oakleigh’s Ryan Amler on behalf of a private owner for a yield of 6.9 per cent.
Ryan Amler said there was substantial interest in the property, which is situated on a land area of approximately 550 sqm and offers a building area of approximately 390 sqm.
“The warehouse is leased to a martial arts operator and is currently returning net rental of $28,932 per annum,” he said.
“The tenant has occupied the property for more than three years and has two years to run on the current lease.”
Ryan Amler said the warehouse is accessed via three roller doors and has 3 phase power.
“There is a rear courtyard plus ample on-site parking at the front,” he said.