Private investor buys south east Melbourne warehouse for $550,000 at auction

A local Melbourne investor has bought an office/warehouse at Oakleigh in Melbourne's south east for $550,000.

The tenanted premises 58 Regent Street, Oakleigh sold for above the reserve through Ray White Commercial Oakleigh’s Ryan Amler and George Kelepouris on behalf of a local investor. 

The current tenant is on a month to month lease returning $31,800 per annum plus GST plus outgoings - a yield of around 5.7%.

Amler said the marketing campaign for the building attracted more than 30 enquiries. 

“We had four registered bidders at the on-site auction and after some spirited bidding the property sold under the hammer for $550,000 - $75,000 above the reserve,” he said.

The stand-alone warehouse is situated on a land area of around 484 square metres and the total building area measures around 330 square metres. 

“The property featured a high clearance warehouse with a container height electric roller door,” he said. 

“There were six on-site car spaces and easy access to Oakleigh central.”

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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