Keilor Park industrial warehouse sells for $575,000 at auction

A LOCAL investor has purchased an industrial warehouse in the heart of MAB Corporation’s Translink Business Park for $575,000 at 13/37 Keilor Park Drive in Melbourne.

The asset, that came with a 240sq m* building size, had a 175sq m* ground floor warehouse including reception and showroom and 65sq m* first floor carpeted office/mezzanine.

The property was marketed and successfully sold under the hammer by Ray White Commercial Oakleigh Sales and Leasing Consultant Theo Karkanis.

Mr Karkanis said the asset particularly appealed to potential buyers because it was leased to an established tenant, Bellezza Australia Pty Ltd.

“This one was perfect for savvy investors looking to add to their property portfolio or SMSF. The tenant had a two-year lease with two further two-year options producing $30,900* p.a. plus GST plus outgoings as well as annual rent increases which which were certainly drawcards,” he said.

“We had multiple offers prior to the auction, and come auction day, we had five competing bidders with the eventual sale reflecting a 5.37 per cent yield.

“There were many underbidders of both the investor and owner-occupier persuasion that are actively looking for something in this area right now.

“The property itself had excellent internal clearance of over seven metres, a container height motorised roller door, three phase power, alarm system, NBN and on-title car parking.”

*Approximately.