Oakleigh warehouse sells for record psqm price

AN Oakleigh warehouse has sold for a record price of over $4,000psqm as 6/12 Marriott Street was snapped up before auction for $430,000.

The asset, that came with a 100sqm* total building area, was currently leased as a mechanical workshop on a monthly basis to a long-term tenant.

The property was marketed and sold by Ray White Commercial Oakleigh Sales/Leasing and Operations Manager Ryan Amler.

Mr Amler said the property was purchased by a local investor and the sale reflected a 4.9 per cent yield.

“We had over 30 enquiries in the two-week campaign both from local and interstate buyers and we were able to extract four written offers in that time,” he said.

“Because of the monthly lease term, the asset offered buyers the opportunity to purchase for investment or to occupy for their own use.

“The property is in a modern and boutique estate just off Princes Highway/Dandenong Road and benefits from ease of access to the Monash Freeway.

“It also offered excellent height, amenities including kitchenette and toilet, three phase power and one car space.

“Potential future sellers can feel confident in auction as the preferred method of sale, because as this deal highlights, it generates competition in a short space of time.”

*Approximately.