Melbourne

Cbus Property capitalises on strong industrial investment demand

Cbus Property has realised $4.25 million from the sale of an office/warehouse in Estate One - one of the premier industrial estates in Melbourne’s Dandenong South precinct.

23 May 2019

Cbus Property has realised $4.25 million from the sale of an office/warehouse in Estate One - one of the premier industrial estates in Melbourne’s Dandenong South precinct.

CBRE’s Tim Homes, James Jorgensen and Patrick Noone negotiated the sale of the 49 Assembly Drive facility to a local investor.

The Expressions of Interest campaign attracted three offers – pushing the sale amount $350,000 above the initial asking price.

The sale price translates to an initial yield of 6% based on a lease to International Food Distributors. The Assembly Drive property has a lettable area of 2,552sqm and occupies a 4,645 sqm site.

“The strong sale result highlights the continued strong demand for Melbourne industrial investment opportunities,” Mr Homes said.

“We are fielding increased demand from both investors and owner occupiers seeking existing buildings in the south east, which offer good access to the Monash and Eastern Freeways.” 

The sale closely follows that of 25 Babbage Drive, Dandenong South, which was sold under the hammer for $2,640,000 - $240,000 above the reserve price and reflecting a yield of 5.28%.For Australian/international news or global stories, follow us on Twitter: @cbreaustralia

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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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.