2 Airport Oaks properties have been sold by Bayleys agents.
2 Freight Place (pictured):
Features: 7279m² site on corner of Richard Pearse Drive, 5270m² industrial building constructed in the early 2000s, occupied by third party logistics provider Online Distribution Ltd on 10-year lease until 31 October 2024 with rights of renewal until October 2033
Rent: $559,606/year net + gst
Outcome: sold for $9.735 million at a 5.75% yield
Agents: Mike Adams & Dave Stanley
38 Richard Pearse Drive:
Features: 4854m² site, 2873m² industrial building, remaining weighted average less term of 3.71 years from 3 tenancies – 1232m² of former office space over 2 levels at the front converted in 2007 to a gym; a physiotherapy clinic occupies 142m²; 1499m² of rear warehouse space has been furniture company Early Settler’s distribution centre since 2009, in conjunction with an adjoining property
Rent: $351,750/year net + gst
Outcome: sold for $4.845 million at a 7.26% yield
Agents: Jamsheed Sidhwa, Luke Carran & Nelson Raines
Attribution: Agency release.