Investor demand for tenanted industrial property has underpinned the sale of a modern facility in Sunshine West for $1.95 million.
Located at 236 Proximity Drive, the 1,912sqm office warehouse was sold, leased to Nu Tech Tiling, with 4.5years remaining.
CBRE’s Ben Mensink and Guy Naselli negotiated the deal on behalf of a private vendor. The transaction represented a yield of 7.08%.
Mr Mensink said the private investor from regional Victoria was attracted to the property’s location in one of Melbourne’s leading industrial hubs.
“Located just 12km from the CBD, the property’s position in an area with limited land supply provided the purchaser confidence about the long term tenant demand in the area,” Mr Mensink said.
“This sale is evidence of investors seeking strong returns, looking for alternatives to historically low investment returns”
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.