Melbourne

$10 million Melbourne sale highlights ongoing demand for prime assets

An owner occupier in the IT service and retail sector has paid $10 million for a major office/warehouse property at Maribyrnong.

30 Jul 2020

An owner occupier in the IT service and retail sector has paid $10 million for a major office/warehouse property at Maribyrnong. 

CBRE’s Bryce Pane and Harry Kalaitzis negotiated the sale of the 2-4 Mephan Street asset with Glyn Bosisto and Tom Davis from Bosisto Commercial.

Mr Pane said the sale was struck at the pre-COVID asking price, highlighting ongoing demand for strategic property investment opportunities.

“This competitive sale campaign highlights that, despite the pandemic, there is strong demand from industrial owner occupiers and developers for prime infill assets on significant land holdings,” Mr Pane said.

The Mephan Street property features an 8,364sqm office/warehouse building on a 14,900sqm site.

It includes a two-level, temperature-controlled office totalling 1,116sqm in addition to high clearance warehousing and full drive around access. 

There is also a 2,500sqm hardstand area at the rear of the site which can be used for container storage and truck or car parking. 

It has been acquired by one of the biggest IT hardware retail chains in Victoria and an IT-enabled services provider catering to the general public, businesses and educational institutions. 

Mr Bosisto said; “The rapidly changing retail environment under COVID-19 is accelerating the transition of many major online retailers towards large centralised “click and collect” bricks and mortar platforms in favour of the traditional retail model.”

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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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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.

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.