Melbourne, 19 May 2016 –Forte Developments has acquired a former refinery in Thomastown for $4.85million – the latest in a swag of purchases for the expanding development firm.
Located at 337-339 Settlement Road, the 22,128sqm property incorporated multiple titles providing access onto Canfield court as well as Dunstans Court to the rear.
CBRE’s Amanda Traficante, Dean Hunt and Lindsay Davidson negotiated the sale on behalf of a consortium of owners via a targeted on market sale campaign.Significant interest came from both the owner occupier sector and the development sector.
Ms Traficante said the sale came after a number of recent acquisitions for Forte Developments.
“Forte Developments is emerging as one of the most active developers in Melbourne’s northern suburbs, recently completing a number of commercial and residential projects in the area,” Ms Traficante said.
“This property represents an outstanding opportunity to undertake a landmark project in Melbourne’s rapidly evolving north, which is continuing to see an upturn in sales activity and strong price growth.”
Ms Traficante said the property’s location was also a key selling factor.
“Inner markets are sought after due to diminishing supply and good demand from the Occupier sector. Thomastown is a very popular post-war era location that benefits from connectivity to other inner markets and outer markets, plus multiple options for access to the area including the Metropolitan Ring Road which is on the door step of the property.”
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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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.