Melbourne

$13m distribution centre with development potential changes hands

A Centennial Industrial Logistics managed partnership has purchased a 35,719sqm industrial site in Campbellfield for $13,297,000.

09 Dec 2020

A Centennial Industrial Logistics managed partnership has purchased a 35,719sqm industrial site in Campbellfield for $13,297,000.

The property at 40 Decco Drive has low site coverage and includes a 9,361sqm, recently built generic distribution centre with expansion potential.

Previously owner-occupied, the strategic landholding was sold off-market with vacant possession and once repositioned and built out, is forecast to be valued at approximately $30 million.

CBRE Associate Director, Daniel Eramo, and Senior Director, James Jorgensen, negotiated the sale of 40 Decco Drive on behalf of the vendor.  

Mr Eramo commented; “Centennial Industrial & Logistics, like a few other institutional property groups in recent times, has showed continual strong interest in Melbourne’s northern Industrial & Logistics market, which offers a strategic supply chain location, as well as prime connectivity through to the eastern seaboard for occupiers.”

“The prime grade flexible distribution centre features many key attributes, including 10m internal clearance, multiple loading faces and formats, high power supply and low site-coverage, which will allow for future building expansion and further development,” he continued.  

This latest acquisition takes the value of assets managed nationally under the Centennial industrial and Logistics platform to in excess of $400 million, as the group continues to execute on its niche strategy.

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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 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.