Mornington Peninsula warehouse yields 5% - Jacobs and Lowe
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Jun 28, 2021
Mornington Peninsula warehouse yields 5% - Jacobs and Lowe
A local investor has paid $891,403 for a near new warehouse/factory located in a thriving precinct on the Mornington Peninsula. Sold within 24 hours of being on the market by Jacobs and Lowe’s Jeremy Lewis and Michelle Adams.
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Jacobs and Lowe
A local investor has paid $891,403 for a near new warehouse/factory located in a thriving precinct on the Mornington Peninsula.
Located at 3/3 Merino Street, Capel Sound the property is positioned directly behind the busy Bunnings outlet and near key public transport links.
Jacobs and Lowe’s Jeremy Lewis and Michelle Adams brokered the deal.
The property is occupied by T/A Peninsula Karate on a 5+5+5 year basis at a net annual rental of $43,272 plus GST and outgoings. The lease commenced in July, 2017.
The 494 square metre building is one of three in the complex and is made of concrete tile panel construction and features air-conditioned offices and container height roller shutter doors.
Mr Lewis said the property was on the market for as little as 24 hours with the purchaser making an offer on the spot which was increased slightly before it sold.
“The purchaser recognised the quality of the property and had recently missed out on other investment opportunities. The property was only four years old and presented in as new condition,” he said.
“The property was on the market for 24 hours and was sold to a buyer from Melbourne, who holidays in Dromana so he knows the area well. As soon as he saw the property he drove down and made an offer on the spot after inspecting the building.
“The buyer said he was frustrated after missing out on other opportunities.”
Mr Lewis said the lack of opportunities to invest in the commercial market on the Peninsula drove this and a few other recent sales to see yields around 5% being achieved.
“Once on the market, they are being sold quickly with the investors starved of opportunities.
“The Peninsula has seen incredibly population growth during and since the pandemic which is further creating strong demand for assets in the region,” he concluded.
To request an analysis of the sale please email either of the marketing agents via the below contact forms.
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Important Information:
Contact details:
Jeremy Lewis
Jacobs and Lowe Estate Agents
0417 047 092
Email
16304
15569
Jeremy Lewis
Michelle Adams
Jacobs and Lowe Estate Agents
+61 407 743 858
Email
16304
15573
Michelle Adams
