West Australian syndicator GM Property Group has paid just under $17 million to acquire an industrial complex in Mulgrave in Melbourne's south east from private investment group Marks Henderson. 
The property at 730-750 Springvale Road, acquired on a passing yield of 7.34 per cent, comprises 17,100 square metres of office and warehouse facilities across four buildings on a 31,147sq m land parcel.
The property, which has a weighted lease expiry of five years, brings in $1.2 million in net rent per annum with tenants that include Shop Fitters & Building Services, Moffat, Form A Sign, and ACER.
It's the fifth Melbourne acquisition by GM Property Group, headed by former Lester Group executives Blair Gerrard and Simon Munckton.
In   April, GM Property Group acquired another Marks Henderson property, the Brooklyn Distribution Centre in Melbourne's inner west, for $19.65 million on an initial passing yield of 9.23 per cent.
Mr Gerrard said the 730-750 Springvale Road purchase was in keeping with the group's investment philosophy of securing strategic, infill industrial property with high underlying land value.
Favourable characteristics of the site, he said, included its main road location, proximity to the Monash precinct employment base and its zoning which allows higher value redevelopment options.
The off-market deal was negotiated by Savills Australia directors, Chris Jones and Ben Hegerty.
The Springvale Road property was part of the original Enterprise Park which Marks Henderson, purchased from ING Industrial Trust in 2002.
Marks Henderson also sold its Brandon Business Park to a private investor for more than $80 million this year, but has also been a buyer in 2015, acquiring an office property at 52 Collins Street in   May from Australian National University for more than $32 million.