An industrial warehouse currently under construction at Lot 28, Bayport Court, Mornington has been sold to an owner occupier for $1,447,200 plus GST.

Jacobs and Lowe’s Jeremy Lewis handled the sale.

Located in a busy light industrial precinct, the building is due for completion later this year.

The buyer was a local owner-occupier, Shane Tricarico who runs a wholesale warehousing business. He will be relocating his business upon completion. 

The building has an area of 603 square metres and includes 63 square metres of quality office space.

According to Mr Lewis, if the property had sold as an investment, it would have achieved a net annual rental equating to about $80,000 plus GST and outgoings. 

Mr Lewis said that due to strong demand for industrial properties they are being snapped up by both investors and owner occupiers within days, even hours of listing.

“There is a severe shortage of industrial supply throughout the Mornington Peninsula which continues to experience strong population growth that is outpacing Melbourne.

“The Mornington Peninsula industrial market is as close to zero in vacancy as possible. Once we have something available, it is either sold straight away or leased very quickly. The self-storage market is at 100% capacity with waiting lists on all facilities,” he concluded.

To request an analysis of the sale please email the marketing agent via the below contact form. 

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