Industrial site in Melbourne's Tottenham sells to Asian investor for $6.5 million

Industrial site in Melbourne's Tottenham sells to Asian investor for $6.5 million
Industrial site in Melbourne's Tottenham sells to Asian investor for $6.5 million

An industrial site with development potential in Melbourne's inner-western suburb of Tottenham has sold for $6.5 million to an Asian investor.

The 213 Sunshine Road site has an area of 16,457 sqm.

The deal was brokered by Mark Talbot of Fitzroys on behalf of Myer Herszberg, the former chairman of InfoMedia.

An Asian investor and landbanker purchased the site, which covers 12 separate titles and has a 9,346 sqm of industrial buildings, on a 4.1% net yield. 

The sale reflected a land rate of $394 per sqm. 

The property is close to Tottenham station. 

Talbot said the site returns a current rental of $304,457 per annum and has the potential for an increase, and presented a variety of development opportunities. 

“The Tottenham and West Footscray area has seen enormous changes with many older industrial buildings making way for smaller modern office/warehouse development. A number of industrial areas have also been rezoned, making way for high density residential developments including townhouses and apartments,” he said. 

Fairfax Media added that a housing estate is also being built opposite 213 Sunshine Road.

Tags: 
Melbourne Industrial Sale

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