Two industrial buildings sell for $1.5M in Mordialloc

TWO stand-alone industrial buildings with individual titles and leased to one tenant have sold for $1.5M following a successful campaign, at Unit 1 and 2/6 Japaddy Street, Mordialloc.

With a land area of 1,495sq m* and 860sq m* in total combined building area, the site was zoned Industrial 1 Zone, and came with Ecoglow as an established long-term tenant.

The Melbourne asset was marketed and sold by Ray White Commercial Oakleigh Senior Commercial/Industrial Sales and Leasing Consultant George Kelepouris.

Mr Kelepouris said there were more than three offers presented to the vendor, before they accepted the sale figure of $1.5M, and that represented a yield of 4.9 per cent.

“The two buildings were sold to an investor who loved the flexibility of the two factories being available separate for future tenancies, making the investment an asset to his self-managed super fund,” he said.

“The combined current rental income is $73,691 p.a. + GST + outgoings and both tenancies started three-year leases, plus options, in September 2018.

“The asset has a clear span warehouse with good clearance, three-phase power, three electric roller shutter doors, security alarm and data cabling throughout.

“To complement, the site also came with multiple offices with grand reception area and large boardrooms, as well as 17 on-site car parks that are behind an electric security gate.

“Properties like this one, that offer a multi-tenanted option to invest, really don’t come around very often.”

*Approximately.