Red Scooter's warehouse conversion sells for $2.16m

A corner warehouse conversion with a long lease to Red Scooter at 25 William Street has sold for $2.16 million on a 3.8 per cent yield.

The buyer will hold the property until the lease expires in 2031 and potentially occupy it for his own business.

“We had a lot of interest especially from developers but the long lease made it difficult for them to make it work,” said Barry Plant Commercial’s Benjamin Klein, who sold it in conjunction with Just Commercial's Steven Kalb.

“We originally took the property to the market just as COVID-19 hit and withdrew it. We relaunched 10 days ago as a private sale and sold it over the weekend,” Mr Klein said