4-6 Somerleigh Road, Laverton North
A multi-tenanted warehouse investment in Melbourne’s western industrial hub of Laverton North has sold in a robust outcome for the market.
Fitzroys’ Brent Glassford and Marco Sandrin, in conjunction with Compton Green’s Tino Parisi, sold 4-6 Somerleigh Road, Laverton North for $4 million, on a tight 5.7% yield, on behalf of a private owner.
“A local private investor won out following our competitive expressions of interest campaign that generated enquiries from investors, syndicates and land bankers from Melbourne and interstate,” Glassford said.
The property comprises 2,400sqm of warehousing with multiple overhead cranes and roller shutter door access and parking spaces for six vehicles, on 4,088sqm of Industrial 2-zoned land.
The multi-tenanted property currently returns $228,556 per annum plus GST.
“The market continues to recognise well-located, well-leased industrial assets. In this case the property was occupied by two quality tenants, featured functional improvements, and was in a superb location,” Glassford said.
“This booming inner-west is one of Melbourne’s most tightly held and highly sought-after industrial pockets, and this property was less than 500m from the Western Ring Road interchange and just 100m from Boundary Road, providing excellent accessibility and convenience.”
Sandrin said, “The market in this area is incredibly competitive at the moment. Investors are very keen to acquire an asset that’s in such high demand from tenants, offering excellent short- and long-term rental prospects, particularly at a time in which industrial land supplies remain very low.”
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