Chinese investor purchases Telstra leased Broadmeadows facility
A private Chinese investor has paid $5.5 million on a circa 6.3 per cent yield for a Broadmeadows industrial facility.
Dawkins Occhiuto’s Chris Jones and Walter Occhiuto brokered the deal.
Situated at 37-45 Camp Road, the property was sold fully leased to Telstra on a new five year lease, with two further three year options.
It has a a passing net income of $346,000 per annum.
The property comprises a purpose-built, 2178 square metre office (657sqm) and warehouse building with 102 square metres of canopy, on a 13,890 square metre site.
Mr Jones said the property offered a well-located, high quality, industrial investment with a blue chip tenant in a market with limited opportunities.
"Quality industrial investments around Melbourne have become difficult to attain and particularly in the north where exceptional transport connections and limited serviced land and development opportunities have driven substantial rental growth for existing facilities over the past 12 months."
He said supply constraints and the concomitant rental growth in the north were likely to drive further strong sales results and yield compression.
"Industrial yields have tightened by up to 50 basis over the last 12 months and are now at their lowest point in at least a decade. We will continue to see that tightening while industrial property offers such an attractive differentiation to other types of property investment,’’ Mr Jones stated.
He said the Expressions of Interest campaign had attracted significant interest from a wide range of local, interstate and off-shore buyers.
The vendor was a Melbourne based private investor.
