Melbourne, 2 December 2015 – US-based power management company, Eaton, has sold its former premises in Kilsyth for $7.6 million after relocating to new headquarters in Rowville.
CBRE’s David Aiello and Stephen Adgemis were assigned the task of selling the 33-35 Garden Street site, which is situated in Kilsyth’s most established industrial precinct.
The 4.05ha property incorporates a 5,882sqm office/warehouse facility. It has been acquired by local owner occupier Prebuilt Pty Ltd. Prebuilt is a leading manufacturer of architect designed commercial and residential modular buildings.
“The low site coverage of just 14% was one of the key attractions for Prebuilt, giving them the flexibility to manage future expansions,” Mr Aiello said.
“The property also includes a 1,119sqm, superbly renovated office administration building, which was an added draw card.”
Prebuilt’s Managing Director Rob Colquhoun noted that the purchase of the site represented a significant milestone for Prebuilt in providing a state of the art facility to accommodate Prebuilt’s management and design staff in addition to an ultimate manufacturing capacity of up to 30,000sqm.
The Kilsyth property offers a substantial 175 metre frontage to Garden Street, and also features an on-site substation, providing massive power supply.
Eaton listed the building for sale after signing a 10-year lease agreement on its new 7,772sqm headquarters at Rowville.
CBRE negotiated the Rowville lease, which allowed Eaton to bring together its existing vehicle, electrical and hydraulics businesses, based in Kilsyth, Scoresby and Tullamarine respectively.
Eaton’s Scoresby facility has been sub-let, while the lease over its Tullamarine premises recently expired.
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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 2014 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.
