Melbourne, 19 August 2014- A purpose-built transport depot in Laverton North has been purchased by the sitting tenant, Booth Transport, for $14 million.
The property at 183 Fitzgerald Road comprises a main office building, two high clearance warehouses with a central canopy area, a freestanding high clearance warehouse and a truck service warehouse, totaling 10,513sqm GLA.
It also benefits from an additional approximate 3 hectares of development land to the rear that does not form part of the demised premises.
Rory Hilton, Tom Hayes & Matt Sampson from CBRE agreed the off market deal prior to a formal Expressions of Interest Campaign.
Mr Hilton said there were multiple offers on the property from investors/land bankers however Booth Transport negotiated a deal (via their consultant MRS Property) that was unconditional prior to the campaign commencing.
“Interest from the investment market was at circa 7.50% which is where the deal was eventually agreed with the sitting tenant, Booth Transport,” Mr Hilton added.
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