28/06/2013 - City Views Set Windsor Deal

Chris Herde

 

AN outer northern fringe industrial site with city views has been snapped up by a private investor with a long-term eye

on redevelopment.

The 2292sq m site at 113D Newmarket Rd, Windsor, which is accessed via Oakwal Lane, was purchased for $1.2 million in a deal brokered by Raine & Horne Commercial’s Trent Bruce and his southside colleague Joseph Grasso.

Mr Grasso said previous owner DMN Holdings sold the property because it was surplus to their needs and there was mounting evidence the investor market was becoming more buoyant.

‘‘The campaign was very successful in generating 32 inquires which in turn led to receiving three excellent offers,’’ he said.

‘‘We were not surprised by this activity as the property offered numerous benefits. ‘‘It’s freestanding, has a low site cover and offers the purchaser a tremendous opportunity to develop the site in the future, potentially as a multilevel residential site subject to Council approval.’’

The property last changed hands in 2003 for $607,000. It has a 640sq m office/ warehouse and is leased to Meales Concrete Pumping until 2016. The transaction realised a 7.75 per cent yield.

Mr Bruce said the building has 6-7m internal height which is accessed via five roller shutters. There was also a 3.2 tonne crane within the warehouse along with wash bay facilities. He said the property represented a land-rich investment with future development upside, adjoining Lutwyche Rd Corridor Neighbourhood Plan.

Mr Bruce said it was 3km north of the CBD, near shopping centres and close to the Windsor train station. ‘‘The new owner has no plans at this stage to do anything to it,’’ he said. ‘‘It’s just a good asset with underlying value and city views.’’

Mr Bruce recently sold two nearby properties on the corner of Cox and Newmarket roads for $1.85 million.  ‘‘Slowly but surely Windsor is changing,’’ he said. ‘‘It’s not far from the CBD, near the Airport Link and tunnels. ‘‘It’s early days but we can see it changing in the very near

 

Source:  The Courier Mail, Primesite, 28 June 2013

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