Little Red Trucks building sells for big red price

The Brunswick factory sold for $2.4 million.
The Brunswick factory sold for $2.4 million.

Investors were quick to move in on a small Brunswick warehouse that is home to removals company Little Red Trucks.

The property at 43-45 Edward St, in Melbourne’s inner north, sold at auction for $2.4 million on a record low yield of 1.8%, after a battle between five different bidders.

The industrial building, which agents spruiked for its development potential, occupies 505sqm of the 610sqm block of land and has Industrial 3 zoning.

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Five bidders were in the running to buy the property at auction.

The sale price reflected a land rate of $4800 per square metre, with CRS Property’s George Petropoulos elated when the hammer fell.

“After an impressive week of auctions for CRS, this is the icing on the cake and we couldn’t be happier with the results achieved for our client,” he says.

The property spans 600sqm of land, with more than 500sqm of factory space.