32-40 Garden Street, Kilsyth


The property is located in Kilsyth, an established industrial location approximately 30 kilometres east from the Melbourne CBD. The existing premises were expanded and renovated, with 7,200 sqm of the total 10,647 sqm GLA having been constructed in 2007. A modern two storey office building and an adjoining high clearance warehouse were retained and have now been supplemented by factory, warehouse and hardstand additions. There is approximately 11,500 sqm of vacant land available for future expansion to the rear of the property and there is an on-site car park providing approximately 150 car spaces. The property is leased to Radio Frequency Systems.

Asset Information

  • Asset typeIndustrial
  • Year built2007
  • TitleFreehold
  • Asset locationMelbourne, East
  • ZoningIndsutrial 1 Zone (IN1Z)
  • Site area (hectares)3.7
  • Site coverage (%)29
  • Lettable area ('000sqm)10.6
  • Lettable area adjusted for ownership ('000sqm)10.6
  • Number of buildings1
  • Car parking spaces150
  • OwnerDXI
  • Ownership (%)100
  • Major tenantRadio Frequency Systems Pty Ltd
  • Book value at ownership ($m)31.0
  • Independent valuation dateJune 2023
  • Independent valuation at ownership ($m)31.0
  • Market cap rate (%)4.50
  • Leased by area (%)100
  • Weighted lease term by income (years)7.0
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