Melbourne based Pluto Property has sold a Derrimut industrial property to a private investor for $3.8 million on a 7.3% yield.
Melbourne based Pluto Property has sold a Derrimut industrial property to a private investor for $3.8 million on a 7.3 percent yield in a deal brokered by Savills National Directors Chris Jones and Ben Hegerty.
The 2/80-100 Fulton Drive property comprises a 3,240 square metre (GLA) office and warehouse facility on a 7,104 square metre site.
The property is located on the Gilbertson’s Estate about 12 kilometres west of the CBD and within easy reach of major arterial networks.
Mr Jones said the property was sold with approximately three years remaining on the initial lease term to global supply chain solutions company, BR International Logistics, at an annual rental of $277,661. He said the sale represented a GLA value rate of $1,173 a square metre.
Mr Hegerty said the sale was a good result for both purchaser and vendor given the growing strength of Victoria’s industrial market and the dearth of quality investment properties under $5 million.
He said a recent spike in investor interest in industrial property reflected the availability of comparatively attractive yields that industrial property offered.
“While industrial yields are firming they remain very attractive when compared with other property sectors and alternative investment classes,” Mr Hegerty said.
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