Investor snaps up entire Mulgrave industrial complex for $4.95 million

A Mulgrave industrial complex sold under the hammer for $4.95 million on Thursday.

Located at 1-7/16 Rosemary Court, Mulgrave, the property comprises seven industrial units with a combined building area of 1661sqm and a combined land area of 4,043sqm.

The property attracted a lot of interest from local, interstate and international investors, with over 100 enquiries and 28 contracts sent out prior to auction.

On auction day, there were five registered bidders and three active bidders, with the winning bid going to a local investor.

The property was brought to market by Ray White Commercial Oakleigh agent Ryan Amler on behalf of a private investor who has owned the property for 30 years.

“The attraction was to own an entire industrial complex,” Mr Amler said.

“It’s not often one can acquire such an asset.

“There is potential to increase rents and add value.”

Mr Amler said Melbourne’s industrial market remained strong.

“The market remains extremely buoyant driven by low stock levels,” he said.

“There are still many active buyers in the market.”