Velcro Australia sells Melbourne office warehouse for 505m
Velcro Australia sells Melbourne office/warehouse for $5.05m
| 17 July 2019
Velcro Australia has divested an industrial property in the Melbourne suburb of Hallam for $5.05m.
CBRE’s Patrick Noone, Alex Grima and James Jorgensen negotiated the sale of the 5-11 David Lee Road property to a private investor/developer, with a six month lease-back to Velcro Australia.
The site comprises a 2,777sqm office/warehouse building with two automatic roller doors, which sits on a 10,353sqm parcel of land and includes parking for 62 cars.
Mr Noone said the asset presents the incoming purchaser with significant development opportunities due to 3,500sqm of undeveloped land on the site.
“The lack of quality industrial assets for sale in the tightly held Hallam Precinct, combined with the absence of developable land in the wider Dandenong/Hallam markets resulted in nine offers at the end of the campaign,” said Mr Noone.
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