Melbourne CBD fringe warehouse sells on 2.4% retail yield

A leased industrial property north west of Melbourne's CBD on 201sqm has sold at auction for $789,000, $100,000 above reserve.

The property in Kensington, 22 Thompson Street, sold through Teska Carson's George Takis, who said  the single level, solid brick building of 180 square metres on a 210 square metre site is zoned Industrial 3, with frontages to Thompson Street, a right of carriageway to one sideand a rear laneway.

It was sold subject to a three year lease and further three year option at a rental of $19,422 per annum net.