An institutional investor has purchased a 13,000sq m modern industrial investment at 6-24 Monash Drive, Dandenong South VIC from a local private owner for $17,860,000.
The property is currently occupied by family-owned packaging company O’Kelly Group with 7.5 years remaining on the lease term.
Originally constructed by Pellicano Group, the modern facility comprises a single level corporate office, main warehouse with 8.5 metre minimum clearance and a standalone clearspan warehouse. The asset has excellent loading facilities with two drive-through canopies, full drive around access and expansive concrete hardstand.
The deal was negotiated by Brad Esler of Savills Industrial & Logistics, who said “Demand for long WALE industrial investments continues to strengthen into 2021. The weight of capital seeking a position in industrial and logistic investments was evident with 13 formal Expressions of Interest received from qualified institutional groups. This represented in excess of $226,000,000 of capital pursuing this single opportunity at 6-24 Monash Drive, Dandenong South.”