Australian Unity pays $13m for Mainfreight warehouse in Springvale

Australian Unity has paid $12,975,000 on a 7.3% yield for a fully leased office and warehouse complex at Springvale in Melbourne’s industrial south-east, in a deal brokered by Savills.

Located about 21 kilometres from Melbourne CBD, the 1651-1657 Centre Road property comprises 10,987 square metres of buildings including a 9910 square metre warehouse, and office, truck workshop and canteen components, on a 29,640 square metre site.

Savills' Chris Jones and Ben Hegerty, who negotiated the deal, said the property was sold subject to remaining lease tenure of around four years to global warehousing and freight forwarding manager, Mainfreight Distribution Pty Ltd, at an annual rental of $948,000.

Jones said the property offered secure income from a highly regarded international tenant, in an established south-eastern locality with excellent main road frontage.

Hegerty said the property last sold in February 2014 for $10.695 million to MRS/Harmony.