Seaford industrial sells for $1.825 million

A Seaford industrial site has been sold for $1.825 million at auction, reflecting a sub-7 percent yield.

The property at 6 Hartnett Drive comprises two modern corner showroom building sites over one title, on a combined 2490 sqm site.

Improvements comprises two modern high-clearance showroom/warehouse building with a combined building area of 1,292sqm and 21 on site car parks, returning a total of $126,839 per annum plus GST and outgoings across two income streams.

Fitzroy's Dean Alexander and Mark Talbot handled the campaign, which saw in excess of 60 enquiries and four bidders on auction day.

Dean said the vendor was a family which had held the property for a number of years, and the purchaser a well-known powerhouse Melbourne-based family.

Alexander said the strong enquiry receive reflected the property’s modern industrial improvements, corner location with main road exposure and within the established Bayside showroom and industrial precinct, and close proximity to the major Eastlink arterials and Frankston CBD. 

The site was sold with leases to bathrooms and plumbing suppliers Big Hen until August 2017 with a further three-year term, and AWM Electrical and Data Supplies until October 2018.