Agents avoided as Kilsyth sale secured by Growthpoint Properties

| Oct 8,2014

| 0 min read

Growthpoint Properties Australia has entered into an agreement to sell its industrial property at 42-44 Garden Street, Kilsyth, Victoria to the tenant, ARB Corporation.

The sale price is $19 million, $225,000 above the current book value of $18.75 million.

The property has a lettable area of 25,887 square metres on the 55,990 square metre site.

The property has a current market capitalisation rate of 8.5% and a remaining lease term of three years.

Growthpoint negotiated the sale directly with the purchaser avoiding selling agent’s fees.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.