CSR Limited divests Viridian Glass facility in tightly held Ingleburn precinct for 663m
CSR Limited divests Viridian Glass facility in tightly held Ingleburn precinct for $66.3m
| 2 April 2019
Australian building manufacturer CSR Limited has divested its Viridian Glass logistics facility in Ingleburn for $66.3 million.
Situated on a 11.33ha site at 8 Williamson Road, the facility spans more than 34,000sqm and is leased to Viridian Glass until 2028.
The property is located 14km from the Moorebank Intermodal Terminal and benefits from excellent access to major thoroughfares including Hume Motorway and South Western Freeway. It includes approximately 22,000sqm of surplus land fronting Williamson Road – providing scope for immediate development (STCA).
CBRE’s Jason Edge and Chris O’Brien, who negotiated the sale process on behalf of CSR Limited, said the property attracted competitive buyer interest.
“Underpinned by a high underlying land value with the potential for immediate value-add development, this property represented an outstanding opportunity to acquire an iconic asset in the tightly held Sydney industrial & logistics market,” Mr Edge said.
“The property’s scale, combined with the current demand for logistics product in Sydney’s south-west, provides attractive security to a long-term property strategy, which was ultimately one of the factors.”
Mr O’Brien said the property’s location was fundamental to the deal.
“Buyers for Sydney assets continue to be drawn to assets that provide solid property fundamentals. The strong underlaying land value of Williamson Road provided the purchaser a significant holding in one of Sydney most desirable logistics locations,” Mr O’Brien said.
“Buyers are drawn to assets that provide strong connection to Sydney’s ever improving infrastructure. In the case of Williamson Road, access to the M5, Moorebank Intermodal and Sydney’s second airport provided a unique opportunity.”
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.