Industrial property in Melbourne's Fairfield sells for $2.03 million

An office, showroom and warehouse in Melbourne's Fairfield has sold under the hammer for $2.030 million to a local investor.

The 40-42 Montefiore Street property fetched $430,000 more than the reserve price of $1.6 million, according to selling agents Dean Alexander and David Bourke of Fitzroys.

The property is on an area of 1,827 square metres, with a building covering 1,675 square metres, including a two-level office/showroom and high clearance warehouse.

It has a 40-metre street frontage and on-site parking.

The Industrial 3-zoned property was sold with a three-year lease term from July 2014 to wheelchair manufacturer Mobility Plus, returning $136,485 per annum plus outgoings.

“The strong result demonstrates the strength of the market, particularly regarding well-located and well-leased properties,” said Alexander.

The property is close to the Eastern Freeway.