2 Keys Road, Moorabbin

• Development
• Industrial

2 Keys Road, Moorabbin was a prime industrial site of approximately 17,300sqm of building on an allotment of 3.91 hectares. Superbly located with three street frontages, the site was purchased for $5,375,000 in May 2003.

Drapac achieved a 40% pre-commitment on the site prior to its acquisition with a combination of pre-lease and pre-sale arrangements. The site was subsequently subdivided into six separate industrial parcels, five of which have been sold and one held as an investment. The remaining lot is leased to Grays Auctions, industrial auctioneers, on a 10 year deal with a commencing net rental of $325,000 per annum which will act as a passive investment in the short to medium term.