Footscray West warehouse and office sells for $1.35 million

A 5,150 square metre warehouse and office investment property in Melbourne's Footscray West has sold for $1.35 million.

The sale to a private investor represented a yield of 11.5% on a WALE (weighted average lease to expiry) of two years.

The 1 Paramount Road property includes a warehouse and office covering 3,050 square metres and has been leased to the same tenant since 1997, which intends to remain on the property for at least another two years.

DTZ selling agent Rob Mirabello said "This is an excellent sales result given the yield achieved and the remaining lease term".

Mirabello also pointed out that there scope is for planning upside, “with the property located in an area that may be rezoned for residential development in future years.”