Sale of Leased Tullamarine Property
An office and warehouse property in Tullamarine, Victoria, has been sold at auction by agents of ICR Property Group.
Situated at 14 Allied Drive, Tullamarine, the property was sold with a current lease in place to a car company.
ICR Property Group agent, Raff De Luise marketed the property, which achieved a final selling price at auction of $1.03 million, well above the reserve.
Comprising an office, training room and warehouse, the 720 sqm building is situated on a 1000 sqm site.
It is understood that the property was sold with a seven-year lease in place from March 2009 at a rate of approximately $71,385 per annum net, which gave the sale a yield of approximately 6.93%
Australian Property Review – Friday 3rd June 2011