170 Grange Road Fairfield sells for 46% above reserve
A leased office warehouse 170 Grange Road Fairfield has sold for $1,910,000, $600,000 in excess of the vendor reserve.
The auction attracted over 50 bids with three bidders fighting it out until the end.
An established Melbourne private investor family was the successful purchaser
The freehold property has an area of 809 sqm on which is the building area of 702 sqm with a 20 metre street frontage to the eastern side of Grange Road.
For the business conducted on site there is off-street parking on the property foreground for eight vehicles.
The tenant Dastech Pty Ltd trading as ‘Cars of France’ holds a four year lease that commenced in January 2017 with one further two year option to renew included.
The current annual rental is $66,430 gross plus GST to give an indicative net yield at the selling price of 3.1%.
Gray Johnson director Matt Hoath noted that Grange Road is a major feeder access road to the Fairfield Industrial precinct and the extensive industrial and commercial areas further north to Bell Street Preston in particular.
“There are major infrastructure works underway around the junction of Heidelberg and Grange Roads."
“We think all these construction works have enhanced the appeal of the Fairfield industrial precinct and the offer of 170 Grange Road was a timely opportunity for investors and land bankers” Mr Hoath says.
