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Salta off-loads Altona industrial asset

People & Companies / Latest News

Australia / Melbourne

Dec 19 2018

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A Victorian based private investor has paid $4.4 million on a 5.9 per cent yield for a Salta Property Group owned industrial investment at Altona North.
 
Dawkins Occhiuto Director, Chris Jones, who brokered the Expressions of Interest deal with  Andrew Dawkins, said the campaign had predictably drawn a high level of enquiry in a market which has shown strong demand for sub $10 million industrial assets.
 
``The property is in a class of industrial asset which is attracting increasing enquiry from investors looking for properties with the best investment credentials including those who are seeking a safer option for their cash than a volatile equities market,’’ Mr Jones said.      
 
He said the property offered a number of prized investment attributes including a highly regarded and well established national tenant, excellent main road frontage and exposure, and a strategic inner-west location only 12kms from the CBD and 8kms from the Port of Melbourne.
 
Mr Jones said the low site coverage of circa 18 per cent also provided the purchaser with future development/expansion potential. 
 
The 664-674 Kororoit Creek Road property comprises a free-standing showroom/office and tyre fitting workshop and warehouse covering 749 square metres and featuring an enclosed 371 square metre canopy. The 6,482 square metre site provides for drive-around capability and on-site parking for 30 vehicles, as well as 155 metres frontage to Kororoit Creek Road. 
 
Situated on the northern side of Kororoit Creek Road the property has immediate proximity to major roads including Grieve Parade, Westgate Freeway, Princes Freeway and the Western Ring Road.
 
Mr Jones said the property was sold subject to a recently extended lease of seven years and two months, with two further seven year options at a passing net rental of $260,000 per annum with strong annual rental reviews of 3.75 per cent. The tenant is one of Australia’s leading independent tyre supply and fitting companies, Tyreright.

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