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  • Sitting tenant purchases purpose-built transport depot

Sitting tenant purchases purpose-built transport depot

19 August 2014
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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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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 2013 revenue).  The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 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.au.
 

 

 

 

 

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