May 22, 2019

Mornington Warehouses Popular

104 Watt Road Mornington

Demand for industrial property remains robust in Mornington, as shown with the recent sale of two warehouses on the same block on the corner of 104 Watt Road and Milgate Drive.  The property was purchased for $890,000 by a local, passive investor seeking secure and stable returns, on a yield of 5.05%.  Marketed and sold by Josh Monks and Tom Crowder of Nichols Crowder after taking over the lease management, a renegotiation of leasing terms assisted the sale and provided the tenant with a longer lease with options.