United Croydon North petrol station has changed hands for $7.78 million. It was purchased in 2018 for $6.36 million, representing a strong 22 per cent profit for the vendor.
The Maroondah Highway service station, about 30 kilometres east of the CBD, was sold off-market by JLL’s Jarrod Hersc on a yield of 5.01 per cent.
Strong demand continues for industrial office/warehouses, with the O’Herns Industrial Estate reaching 100 per cent occupancy soon after practical completion.
Developed by Melbourne Industrial Builders, the Epping business park, located on O’Herns Road, comprises seven tenancies across 6821 sq m of building area, with agents achieving a strong average building rate of $172 a sq m.
Colliers’ Mitch Purcell and Corey Vraca, together with National’s Jake Messina and Domenic Vardaro, inked the recent deals.
“Most new tenants are relocating from other industrial estates in Melbourne’s north, as they are either expanding or want to upgrade premises, taking advantage of the prominent location with access to key arterial roads,” Purcell said.
Extracted in full from: https://www.smh.com.au/business/companies/united-petrol-station-changes-hands-for-a-tidy-profit-20231114-p5ejy0.html