Melbourne, 2 September 2014- An industrial investment with value add upside in the popular precinct of Hallam has been sold for $6.1 million, reflecting a yield of 8.35%
47-57 Wedgewood Road, Hallam covers a site area of approximately 24,990sqm and features two separately titled office and warehouse facilities constructed in the mid 1990’s.
Moxon and Company Pty Ltd, a timber and flooring specialist, currently occupy Unit 2’s office and warehouse and Unit 1 warehouse, with a lease expiring in December 2017. Bunnings Group Limited occupies Unit 1’s 495sqm office.
Mr Hilton said industrial investment opportunities were rarely available in this tightly held precinct and that the campaign attracted plenty of interest.
“We received multiple offers with interest mainly from syndicators and private investors.Unconditional contracts were exchanged within 48 hours of the close of the EOI campaign and the property was purchased by a private investor,” Mr Hilton said.
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