GM Property pays $16.9 million for Mulgrave industrial property

GM Property pays $16.9 million for Mulgrave industrial property
GM Property pays $16.9 million for Mulgrave industrial property

GM Property Group has paid $16.95 million for an industrial property with a yield of 7.34% in Melbourne's south-east suburb Mulgrave.

The property, 730-750 Springvale Road, was sold subject to a weighted annual lease expiry of five years at circa $1.2 million per annum nt.

Tenants include Shop Fitters & Building Services, Moffat, Form A Sign, and ACER.

The deal was brokered off-market by Savills Australia Directors, Chris Jones and Ben Hegerty.

Chris Jones said the industrial property is on a strategic main road, south-eastern locality, with minimal vacancy levels, at a price which reflected an excellent land value component and reflected an underlying land value equivalent to approximately 75% of the value of the property.

 

Michael Crawford

Michael Crawford

Michael is the real estate reporter for western Sydney and loves writing about homes and the people who live in them. A former production editor and news journalist, he enjoys writing about real-world property purchases as well as aspirational buys and builds. Following a recent move from Sydney’s northern beaches, Michael now actually enjoys commuting.

Tags: 
Industrial Commercial Sale

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