Melbourne, 26 February 2014 – A South Australian based investment group has acquired a Mainfreight facility in Melbourne for circa $10,700,000.
CBRE’s Rory Hilton, Chris O’Brien, Matt Haddon and Michael Hayden negotiated the sale of the Springvale property on a yield of circa 8.4%.
Mr Hilton said the campaign had attracted strong interest from a wide group of purchasers, with close to 10 offers received.
The 1651-1657 Centre Road property is situated on a substantial land holding of approximately 2.964 hectares. It provides a gross building area of approximately 10,987 sqm.
Mr Hilton said the property benefitted from a newly committed seven year lease to Mainfreight, which had been one of the key drawcards for prospective purchasers.
Mainfreight is a wholly owned subsidiary of global logistics provider, Mainfreight Ltd, a NZX listed entity.
The high quality office and warehouse facility also benefits from extensive hardstand and drive around/drive through capabilities.
“The property provided a rare opportunity to acquire a long term secure investment with high underlying land value situated within an evolving precinct,” Mr Hilton said.
“The Centre Road precinct is in the midst of transformation. It has a strong and emerging retail emphasis with the recently completed Springvale Homemaker Centre and a brand new Bunnings store along with a number of large scale sites undergoing or mooted for rezoning from industrial to residential.”
Springvale is situated in the south eastern suburbs of Melbourne, approximately 30 kilometres from the CBD.
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