Melbourne, 26 November 2014 –An industrial facility in Altona North has been sold to a joint venture involving Logos & Heathley group for more than $8 million.
The property located at 96-118 Toll Drive sits on 2.43ha of land with a 4,500sqm warehouse, a 407sqm two-level office and a 6,000sqm 115 tonne container rated hardstand.
CBRE’s Chris O’Brien & Rory Hilton negotiated the deal to Heathley, with Logos acting as the sale transaction manager. The sale price for the property was circa $8.6 million, representing a yield in the order of 8.34%.
Earlier this year, a pre-lease on the property was signed to Arrow Logistics, negotiated by CBRE’s Tom Hayes, a Melbourne based logistics and warehousing service provider. The seven year pre-lease deal was signed in February this year, with the successful delivery of the facility completed in October.
The property was completed by Cadence Property Group, working closely with builder Texco Construction to deliver the project in line with the precise requirements of Arrow Logistics operations.
Charlie Buxton of Cadence said; “The facility was successfully delivered within a very tight timeframe with town planning, design documentation, construction and occupation taking eight months to complete”
Trent Illife (Managing Director of Logos) added; “This is an attractive location within the Melbourne market and provided an opportunity to grow with both Arrow and Cadence property group.”
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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 atwww.cbre.com.au.