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44 Quinn Street, Preston, VIC
MELBOURNE, 23 November 2012 - A purpose built industrial building leased to Australia’s leading provider of electrical supplies has sold off-market for $865,000, achieving an impressive 7.2% yield.
Jones Lang LaSalle’s Robert Butera and David Butera sold the Lawrence and Hanson trade sales facility at 44 Quinn Street, Preston to a local private investor. Currently returning $63,110pa net plus GST, the existing lease expires in 2015 with a further five year option.
Situated on approximately 1,410sqm of land, the 550sqm trade warehouse is surrounded by major occupiers including Bunnings, Masters, CIG and Burson Automotive. The property is within walking distance to Northland Shopping Centre and Homemaker Centre and has excellent access to public transport.
Mr Butera said “Preston is a hot spot for investors and continues to show positive growth. Average industrial values for serviced land were between $120-130 per sqm in 2000,when the building was constructed, however in today’s market, land in Preston is very rare and even if found, prices are well above $400 per sqm for a similar sized block.”
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