Fitzroys’ Brent Glassford and Marco Sandrin, in conjunction with Dominic Vardaro and Alex Gazis of National Estate Agents, sold 5 Northcorp Boulevard for $2.91 million via the virtual auction, with the sale price smashing the reserve by $500,000 and reflecting a remarkably sharp 3.8% yield.
Positioned close to the gateway of the Northcorp Industry Park, the 1,330sqm building comprises a warehouse with a high 9.5m maximum clearance and 2 levels of office space and amenities, on a 2,243sqm site.
It is leased to TFG Group on a 3-year term returning $113,300pa plus outgoings and GST.
Glassford said the purchaser is a private investor looking to capitalise on the modern asset’s quality and location.
“This is not a price point or asset size that has typically attracted interstate investors in the past, but we had more than 120 enquiries from across Australia. This demonstrated both the huge demand of industrial investments during the COVID period, and the low availability of quality stock across the board, from smaller warehouses to institutional-grade assets.”
Disclosure: The weekly Fitzroys Property Wrap is for information only on transactions in the Melbourne property market. Fitzroys provides this information as a public service. We are not purporting that all sales and leases within this report were transacted by Fitzroys. Terms/Privacy © Copyright 2021 Fitzroys.