INVESTOR PAYS $7.2M FOR ALTONA OFFICES

A new industrial office-warehouse developed by Buildcom, leased to a subsidiary of Toyota in Altona, has been sold for $7.2 million to a private Melbourne buyer. The sale represented a strong yield of 7.95 per cent, one of the best results in the Melbourne industrial market over the past 12-18 months. The sale of the property, located at 48-54 Burns Road, Altona (corner of Harcourt Road), was handled by Joseph Carbone and Frank Vinci of Vinci Carbone Property. The buyer was represented by David O'Callaghan of O'Callaghan Commercial. The property comprises an office warehouse of 7,450 square metres on land of 11,350 square metres, built in 2008, that is Special Use Zone 4. The property was specifically built for Toyota Tsusho (Australia), which holds a 12 year lease that began in December 2008. 'This result is testament to the strength of the private investor market,' said Joseph Carbone.