A MITCHELL PARK industrial building has sold for $3.35 million at auction.The Toll Express offices in Neerim Crescent went under the hammer 10 days ago.Colliers International real estate agent Andrew Lewis said the building was bought by a Ballarat investor.It will still be leased by Toll Express on a $265,000 annual lease for the next 10 years, with the option of two further five-year leases.“It was definitely one of the best results we’ve had under the hammer,” Mr Lewis said. “That’s just under an 8 per cent return, or 7.9 per cent, which is very good.”Mr Lewis said there had been about six interested parties in the building.“There’s a few people out there looking for investments.”Toll Express is part of the Toll Group and is Australia’s largest express pallet carrier. The Toll Express Ballarat depot opened last month.Mr Lewis also said a new tenant has been found for the former Wendouree Bunnings store which has been vacant since late 2009.“It’s not quite finalised yet. We’re in the final stages and there should be a new tenant there by February or March.”He declined to name the tenant until negotiations had been completed.Follow @FionaGranThe Toll Express site
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