13m distribution centre with development potential changes hands
$13m distribution centre with development potential changes hands
| 9 December 2020
A Centennial Industrial Logistics managed partnership has purchased a 35,719sqm industrial site in Campbellfield for $13,297,000.
The property at 40 Decco Drive has low site coverage and includes a 9,361sqm, recently built generic distribution centre with expansion potential.
Previously owner-occupied, the strategic landholding was sold off-market with vacant possession and once repositioned and built out, is forecast to be valued at approximately $30 million.
CBRE Associate Director, Daniel Eramo, and Senior Director, James Jorgensen, negotiated the sale of 40 Decco Drive on behalf of the vendor.
Mr Eramo commented; “Centennial Industrial & Logistics, like a few other institutional property groups in recent times, has showed continual strong interest in Melbourne’s northern Industrial & Logistics market, which offers a strategic supply chain location, as well as prime connectivity through to the eastern seaboard for occupiers.”
“The prime grade flexible distribution centre features many key attributes, including 10m internal clearance, multiple loading faces and formats, high power supply and low site-coverage, which will allow for future building expansion and further development,” he continued.
This latest acquisition takes the value of assets managed nationally under the Centennial industrial and Logistics platform to in excess of $400 million, as the group continues to execute on its niche strategy.
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