17 FLOCKHART ST & 28 GROSVENOR ST, ABBOTSORD

Adjacent industrial investment properties in Abbotsford were sold recently at auction. The first property at 28 Grosvenor Street, comprises a part two level office and warehouse building on land of 563 square metres. It is leased to Coffee Supreme Pty Ltd returning $62,646 per annum plus outgoings. The current eight year lease term expires in December 2015. The agents report that strong bidding from five parties saw the property sold for $1,230,000 which they say represents a record yield for the last 12-18 months of 5.09 per cent. 17 Flockhart Street is found behind 28 Grosvenor Street and comprises a single level warehouse building leased to COI Building Group Pty Ltd returning $70,362 per annum plus outgoings. The current eight year term expires in February 2016. The land area is 836 square metres. Again, the agents report that strong bidding saw the property sold for $1,305,000, representing another record yield of 5.39 per cent. The sales agents report that they fielded over 100 enquiries for the property, mostly from Melbourne based buyers. “This result is testament to the strength of the private investor market and, in particular, the strong demand for premium quality property assets located within the city fringe of Melbourne, ‘Joseph Carbone, Vinci Carbone director, said, adding that the vendor, Grosvenor Street Industrial Pty Ltd who is associated with Lascorp Development Group and the Herzog Group of Companies, was delighted with the result achieved.