A KEY Dandenong South manufacturing site is now in new hands.
Property fund manager Quintessential Equity sold the 2.43 hectare 269-271 Frankston-Dandenong Road for $7.2 million to a private investor.
The site on the north eastern corner of Frankston-Dandenong Road and Cojo Place and is home to buildings totalling about 7340 square metres.
Sole tenant Tycab Australia signed a 14-year lease agreement in March so will stay put until at least 2029.
Quintessential Equity head of property Russell Bullen said that since acquiring the property in November 2012, it had worked closely with Tycab to upgrade the working environment.
“The newly-completed workshop adds a different element and dynamic to the site and was an important factor in securing a new long-term lease agreement,” Mr Bullen said.
Colliers International and Savills managed the sale.
“With scope for further on-site development on surplus land, we were not surprised that the industrial facility proved to be an attractive proposition for astute buyers,” Colliers International director Justin Fried said.
