“The sale is yet another example of how highly sought after large industrial landholdings are in Melbourne’s south-east,” Mr Aiello said.
“Given the lack of greenfield opportunities, developers are actively targeting strategic brownfield sites when they are made available. In this case, the property benefits from its location immediately opposite Moorabbin Airport and Chifley Business Park, as well as the inclusion of three existing building, which have been acquired for fraction of their replacement value.”
Mr Aiello added; “The surrounding Baysdie precinct has become increasingly popular since Dingley Bypass opened and stands to benefit further once the Mordialloc Bypass is completed in 2021/22.”
The sale to HB+B followed a recent Expressions of Interest campaign. The Industrial 1 zoned, freehold site comprises three warehouses with a total lettable area of
CBRE’s Mr Adgemis said the property benefited from a corner position, multiple street frontages and proximity to an affluent residential catchment. Substantial power supply was also available on site.
“There are opportunities to strata, refurbish and/or reposition the improvements for higher and better use, subject to the relevant planning approvals,” Mr Adegemis said.
“The site’s versatility and flexible development options suits a wide range of users and redevelopment concepts, which underpinned strong interest in the sale campaign as did the area’s emergence as a last mile delivery precinct.”
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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.