An industrial property in Melbourne's south east has been snapped up by Mair Property Funds Ltd for $8.93 million.
Mair Property Funds Ltd acquired the 10,239sqm site at 4 and 5-9 Hobbs Court, Rowville for a new wholesale trust. The acquisition followed a successful capital raising of $5.4 million.
The property comprises an industrial facility with two separate buildings on two titles, with a gross settable area of 4,708sqm.
At 4 Hobbs Court, there is a 139sqm office and a 1,217sqm warehouse.
At 5-9 Hobbs Court, there is a 1,201sqm office, a 2,151sqm warehouse, a 91sqm mezzanine and a 142sqm canopy.
The premises are 100 per cent leased to the Process Group, which delivers packaged systems and complete process trains and plants for onshore and offshore oil and gas production facilities.
According to the Mair Property Funds Ltd website, the surrounding precinct was expected to undergo "additional significant development" in the short term, with a number of high quality distribution facilities having recently been constructed and the Caribbean Gardens Estate being transformed to include a number of large office buildings.