Melbourne freehold warehouses sell for combined $2.375M

TWO freehold warehouse investments have sold to two different buyers for a combined $2.375M following successful campaigns in separate Melbourne suburbs.

The tenanted 73 Westminster Street (pictured above) in Oakleigh sold for $1.25M and 21 Holloway Drive (pictured below) in Bayswater sold for $1.125M as vacant possession.

Both assets were marketed and sold by Ray White Commercial Ferntree Gully Director and Sales Executive Paul Waterhouse and Sales and Leasing Executive Mitch Rosam.

Mr Waterhouse said the campaign for 73 Westminster Street was strong with interest coming from a number of different avenues.

“We had more than 40 enquiries, with strong interest from investors, given the location to the CBD and investment properties selling between five to six per cent,” he said.

“The asset is tenanted by Barefoot Grass and they are paying $71,683 p.a. with one year left of this term and an option of another three years.

“The lucky buyer was a local investor who has added the property to his diverse portfolio of investment properties.

“The freehold asset is a two-year-old factory with 450sq m* of building area and 730sq m* of land area within 20* minutes of Melbourne CBD.”

Mr Rosam said the campaign for 21 Holloway Drive was also strong with investors and owner occupiers alike showing interest.

“We had 10 enquiries throughout the campaign with high interest from owner occupiers looking to take advantage of the strong industrial market in Bayswater,” he said.

“There’s a lack of similar properties for sale in the area, and being a high clearance warehouse of 750sq m* with 120sq m* of mezzanine, it suited a lot of people.

“The purchaser was a local investor who’ll be looking to expand his business into the factory in the future.”

*Approximately.