Industrial, retail assets sell in $14.2m worth of deals

An industrial property in Malaga has sold for $7.5 million, while a bulky goods property tenanted by furniture retailer Early Settler and homewares shop Adairs has been sold to a local investor for $6.7 million.

In Malaga, CBRE brokered the sale of a 15,100 square metre industrial site at 380 Victoria Road, which sold on an initial yield of 8.57 per cent. 

Anchor-tenanted by blinds manufacturer Kresta, the property was acquired by an unnamed local funds manager, CBRE’s Tom Iredell said.

“The buyer saw value in the property’s locational characteristics, attractive initial yield, long WALE and long-term value-add development potential, Mr Iredell said.

Meanwhile in Beckenham, an unnamed local investor has acquired 8 William Street for $6.7 million, with the transaction brokered by Ray White Commercial.

The property comprises a 2,140sqm bulky goods showroom on a 3,442sqm plot, while the sale price represents a passing yield of 6.5 per cent.

Ray White Commercial principal Russ Parham said the buyer was attracted by the established bulky goods and retail precinct surrounding the property.