Prominent Distribution Facility leased to Harvey Norman sold by AND Property

The 3,810m² omce/warehouse situated on a prominent corner site of 6,956m² was sold by AND Property agents Ricardo Cappelletti, Ben Quennell, and Joff Mithen.

“The property was listed with another agency online for 8 months; however, AND Property were able to leverage their network to secure a buyer within 3 weeks of introducing the opportunity to the purchaser,” Mr Cappelletti said.

Situated at the crucial intersection of Dohertys Road and Dunmore Drive, this property boasts a gross passing income of $444,716 per annum plus GST. Completed in 2021, the building features five container-height roller shutter doors, a generous springing height of 10.2 metres, and a substantial canopy covering 210 square metres, making it an ideal facility for various industrial operations.

“The property was sold with options valid until 2031, offering a net yield of 3.75%. According to Mr. Mithen, the option included a cap and collar of 10%.”

“The sharp holding yield is uncommon in the current climate; however, this investor understood the future upside the building will hold given comparable sales for vacant assets,” Mr Quennell added.

Property Highlights & Investment Summary:

Address: 2A Dunmore Drive, Truganina  Site Area: 6,956m²

Asset Type: Industrial 3 Omce/warehouse  Sale Price: $8,350,000

Rate: $2,192/m²

Buyer Profile: Private Investor

Passing Income: $444,716 + GST

Gross Lettable Area (GLA): 3,810m²  Rental Rate: $117/m²

Net Yield: 3.75%

The completed transaction of 2A Dunmore Drive, means that AND Property have now sold over $130,000,000 across 23 sales since they began in March 2024. Their remarkable success has been down to their proficiency in Melbourne’s core west, where they have negotiated more than 92,000m² of industrial property.

For more information about AND Property and to learn more about this transaction, visit our website at andproperty.com.au or contact us at admin@andproperty.com.au / 03 8637 9990.

About AND Property

AND Property is a commercial real estate company based in Melbourne, Australia, founded in 2024. The team has over 40 years’ worth of collective experience in the Australian market.

With a sales focus on development land and low site coverage assets, the company is dedicated to delivering exceptional value and service to its clients throughout Victoria.