508-520 Wellington Road, Mulgrave, Vic 3170

Dawkins Occhiuto are pleased to exclusively present for your consideration an exceptional last mile opportunity – 508-520 Wellington Road, Mulgrave. 

Situated in Melbourne's coveted south-eastern suburb of Mulgrave, this property is strategically located on the southern side of Wellington Road, near the demographic centre of Greater Melbourne. Just 23 kilometres* south-east of the Melbourne CBD, Mulgrave offers an ideal blend of accessibility and suburban appeal.

This offering represents a rare chance to acquire a substantial 4.11 hectare* site, including 1.8 Ha* of surplus land, in one of Melbourne's most tightly held and densely populated areas. The property's future redevelopment potential makes it an opportunity not to be overlooked.

Adding to its appeal, the property is fully leased to long-term tenant Renold Australia, a subsidiary of a London Stock Exchange listed company. With a net passing income of $854,890 per annum* (including signage rent to Citizen Outdoor) and a 2.6-year* WALE, it provides an impressive holding income while development options are explored. There is also potential for the tenant to extend their term.

Key features of the offering include:

+  Significant site of 4.11 hectares* including 1.8 hectares* of surplus land 
+  Office and warehouse offering 8,049 sqm* of gross lettable area
+  100% leased to Renold Australia
+  2.6-year* WALE (by Area) with 1 further option of 2 years 
+  Net passing income of $854,890 p.a.* (as at 1 August 2024)
+ Second signage income $90,000 per annum** (pending Council approval)
+  Ideal last mile logistics destination in the heart of Melbourne’s South East 

* approx.
** Projected income of $90,000 p.a. from a pending 10-year lease agreement with Citizen Outdoor for a second signboard, subject to Council approval.

This property is offered for sale via International Expressions of Interest closing Thursday, 5 September 2024 at 3.00pm (AEST).

Please contact exclusive selling agents, Dawkins Occhiuto for more information.