A versatile office/warehouse opportunity located within the inner city suburb of Port Melbourne has sold at a yield of 4.7%.

The Gorman Allard Shelton team of Joseph Walton and Christian Hatzis Unit 3, 11-12 Phillip Court, Port Melbourne offered the property for sale via Public Auction on 28 August, and while the property passed in at Auction, they were able to generate strong competition for the property post Auction which saw three (3) separate parties fighting for title.

Situated within a larger strata industrial complex, the property comprised office/warehouse accommodation which further benefited from genuine showroom capabilities.  The premises formed part of a strata industrial complex

Located within a prime inner city location, close to the retail precincts of Port Melbourne and South Melbourne, the property is well accessed via main arterials.

Offered with a short term lease in place and a rental of $128,684 per annum, the property appealed to investors and owner occupiers alike, making it a versatile option for a number of parties.

Gorman Allard Shelton Director Joseph Walton said “We were able to generate great enquiry for the property throughout the marketing campaign as it represented an appealing investment opportunity due to its strong occupancy history. Ultimately this was reflected in the 4.7% and a strong rate per square metre in excess of $4,200 p.s.m – a record for strata industrial in the immediate area”.

Associate Christian Hatzis added that “Given the property’s inner city location, and the versatility of the accommodation on offer, we knew it would be an attractive proposition for a number of buyers”.

Mr Walton further commented that “In spite of not knocking it down under the hammer, we were able to create strong competitive tension amongst multiple buyers and establish a great result”.

Walton finished by stating that “The depth of the market was particularly pleasing given prevailing economic conditions and demonstrates the enduring demand for quality investment grade property at this point in time and into the foreseeable future”

To request a sales analysis please contact the selling agents Gorman Allard Shelton Director Joseph Walton and Christian Hatzis via the below contact details.