Tenanted Mulgrave Complex Sold for $1.395 Million
A tenanted warehouse/office complex at Mulgrave in Melbourne’s south-east has been sold at auction by Ray White Commercial Oakleigh for $1.395 million.
The property at 23 McDonalds Lane, Mulgrave, was sold to a private superannuation trust by George Kelepouris of Ray White Commercial Oakleigh on behalf of a local businessman for a yield of approximately 7.0 per cent.
George Kelepouris said there was keen interest in the complex, which offered a combined net rental income of $103,000 per annum.
“We had a good attendance at the on-site auction and plenty of spirited bidding,” he said.
“This was an ideal investment opportunity with the property having an established tenant with a recent lease in place. The owner originally was an owner-occupier before leasing the property.”
George Kelepouris said the complex is a prominently positioned freehold on a land area of approximately 1,365 sqm with a building area of approximately 890 sqm.
“This building is in a sought after location with easy access to major arterial routes,” he said.