Port Melbourne Office/Warehouse Sold for $1,462,500

Port Melbourne Office/Warehouse Sold for $1,462,500

A modern office/warehouse in a prestigious industrial estate in the inner bayside Melbourne suburb of Port Melbourne has been sold by Ray White Commercial Oakleigh for $1,462,500.

The tenanted approximately 360 sqm facility at B1/8 Rogers Street, Port Melbourne, was sold to an owner-occupier by Paul Rizzo and Joshua Colosimo of Ray White Commercial Oakleigh on behalf of a private seller for a yield of 5.2 per cent.

Paul Rizzo said the property was initially taken to auction and passed-in on the day for $1.4 million.

“We continued negotiations with interested parties for this property and have now achieved a sale price of $1,472,500 which was $12,500 above the vendor’s reserve,” he said.

“The buyer will owner-occupy the warehouse facility when the tenant’s lease expires at the end of the year. The property is currently leased for gross rental of $75,790 per annum.”

Joshua Colosimo said the property comprises an approximately 210 sqm warehouse and a 150 sqm office with kitchen and staff amenities plus parking for eight cars.

“This was an immaculate property which was ideally located a mere 3.5km from the Melbourne CBD,” he said.