It’s not long since we announced that we have set a new record for Grange Road, Fairfield. Now that record has been beaten again, this time for a property at 200 Grange Road, Alphington.
In this case, the property was a high calibre showroom/warehouse on a landholding of 735 sqm, occupied by a long-standing tenant. It was sold privately with a low-cost, two-week campaign. The sale price of $2,725,000 represented $3,707 psm – a new record land rate for Grange Road, whilst also being a low 3.05% yield. The sale terms were for a 60-day unconditional settlement.
As with GrayJohnson’s other recent sales in Grange Road, this result shows how strong the current demand is for quality industrial property in the Fairfield/Alphington area. Properties like this one are becoming increasingly scarce as new infrastructure projects encroach on industrial areas. And with industrial property continuing to out-perform other segments of the market, we have buyers lining up.
For more details feel free to call our agency team.