Achieved a new five year lease at initial rent of $53,000 net pa ($95.32 per m²).
This property underwent a total transformation both inside and out with a renovation of approx $25K investment achieving $250K investment growth.
The facade front, side on the outside and offices/amenities on the inside had a fresh coat of paint. A new kitchenette, hot water system and carpet were also installed in the renovation.
The previous passing rent, $39,549pa ($71.13 per m²), with a return of approximately 5.5% the value equated to $720,000.
After the renovations were completed, a new five year lease was struck at $53,000pa ($95.32 per m²), which increased the value of the industrial property to $923,000 based on return of approximately 5.5%.
Get in contact with a Facey Property Manager or Agent on 9701 4455 to see how we can help you achieve better value out of your property.