Market Updates

March 02, 2016

SOLD: 680 South Road, Moorabbin

High Profile Investment

A long standing client of Nixon Industrial decided to put their investment property at 680 South Road, Moorabbin, up for auction on Wednesday 2nd March at 12 noon on site. The high profile property sold under the hammer for $1,020,000, well over the reserve.  

According to Nixon Industrial selling agent, David Garfield ’The property represented a yield of 4.6%. It is rewarding to know that we have satisfied a Vendor that Nixon Industrial has been working for many years.’

On offer was a large parcel of land of 1,080m² (approx.) with five warehouses on one title and 24 metres of frontage to South Road. Four of the five warehouses are currently tenanted, 3 without options and a total net rental income of $47,472.87 p.a + GST.

The auction was short and sweet with three parties vying for the property. After only 6 bids, the ultimate purchaser was a local investor, seeking to add to his portfolio.   

Senior Sales Executive
David Garfield
0412 651 661