Owner-occupier Enters Property Market
24 June 2016
An owner-occupier in the automotive industry has purchased a Bayswater industrial facility for $710,000 as record low interest rates drive new investment from tenants.
According to Savills Australia Associate Director, Daniel Kelly, who brokered the deal, the new tenant had been leasing another premises in the area but had wished to exit the leasing market.
The speculatively built 1/6 Sydney Road property, comprises a 413 square metre industrial unit with front and rear roller door access, eight car spaces and frontage and direct access to Mountain Highway.
Mr Kelly said the purchaser had taken the opportunity at the end of a lease to take on property ownership under the most favorable conditions.
“There’s no doubt that for some tenants the buying versus leasing argument has swung in favour of buying, particularly with interest rates at a record low and likely to remain low,” Mr Kelly said.
The vendor was a Melbourne based developer.
