Toll Holdings sells Laverton industrial property

The industrial premises at 72-76 Cherry Lane, Laverton North have been sold for $29 million on a 7.5% yield through Savills.

Toll Holding sold the 9.8 hectare holding to Stockland in an off market sale and leaseback.

The facility comprises a 20,500 square metre warehouse and 4.5 hectares of container-rated hardstand.

Laverton North is one of Melbourne’s premier industrial locations, with the Cherry Lane facility located 12 kilometres west of the Port of Melbourne and 16 kilometres from the Melbourne CBD.

It is located very close to the Princes Highway, Westgate Freeway and Western Ring Road.

Stockland chief Mark Steinert said high-quality acquisitions supported their strategy to profitably increase the size and scale of its Logistics and Business Parks portfolio.