Moorabbin Investment Sold at Auction for 4.2% Yield
A warehouse/office investment opportunity in the heart of Moorabbin in Melbourne’s south-east has been sold at auction by Ray White Commercial Oakleigh for a 4.2 per cent yield.
The approximately 238 sqm building at 8/94-102 Keys Road, Moorabbin, was sold under the hammer to a local investor for $570,000 by Ray White Commercial Oakleigh’s Ryan Amler and Joshua Colosimo on behalf of a private investor.
Ryan Amler said the yield was a record low for industrial property in the area.
“We had some very strong bidding from approximately six bidders with fierce competition right until the end,” he said.
“There is still very strong demand for these types of investments for Self-Managed Superannuation Funds.”
Joshua Colosimo said the tenanted warehouse and first floor office are located in a busy business park estate.
“The property was leased to a long-standing tenant giving investors great comfort,” he said.