Melbourne, 13 April 2016 – A premium value-add investment grade industrial and logistics property in the tightly held suburb of Altona has been listed for sale.
Located at 198 Maidstone Street, the 8.3 hectare infill site comprises a 44,406sqm office/warehouse facility currently occupied by Fonterra Brands.
CBRE’s Chris O’Brien, Matt Haddon and Rory Hilton have been exclusively appointed to sell the property via an Expressions of Interest campaign.
Mr O’Brien said the property represented an outstanding opportunity to acquire a presence in one of Melbourne’s most revered industrial precincts.
“The opportunity to secure a footprint in the tightly held industrial hub of Altona, with a facility that offers both immediate investment return and further scope for development, will attract strong interest from a range of prospective buyers,” Mr O’Brien said.
“The value-add proposition will be one of the most hotly contested single assets to hit the Melbourne industrial & logistics market in 2016.”
The property, which offers potential for future development (STCA), is currently leased to Fonterra Brands, representing holding income of one-year with further subsequent option periods.
Mr Hilton commented on the upcoming sale: “The higher return achievable for an asset of this scale has been very rare to the industrial investment space over the past 12 months – and as such we expect there to be significant interest in this opportunity.”
Altona is an established industrial and residential suburb situated in Melbourne’s bourgeoning western precinct – a region which has undergone significant development in recent times, with the adjoining expansion suburbs such as Williams Landing and Point Cook.
Expressions of Interest close May 5, 2016 at 3.00pm AEST.
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