Warehouse in Melbourne's Richmond sells on 2.2% yield

Warehouse in Melbourne's Richmond sells on 2.2% yield
Warehouse in Melbourne's Richmond sells on 2.2% yield

An industrial property in Melbourne's inner-eastern suburb of Richmond has sold for $1.615 million at auction, more than $100,000 over the reserve price.

The 5 Albert Street property comprises a single-level brick warehouse on a 247 square metre site, zoned Commercial 2.

The property was sold subject to a lease expiring June 2017 at a current rental of $37,435 per annum net, implying a yield of 2.2 percent.

A Melbourne-based private investor bought the property, said a media release. 

It was marketed by Teska Carson’s Matthew Feld and Larry Takis.

 

Tags: 
Industrial Sale Warehouse Sale

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