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  • Mainfreight covenant underpins Melbourne investment sale

Mainfreight covenant underpins Melbourne investment sale

26 February 2014
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​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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About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue).  The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.au.
 

 

 

 

 

 

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