Press Release

Dexus divests $25.3m prime industrial land in Melbourne’s west

Melbourne

November 23, 2023

Media Contact

Imogen Braddock

Senior Communications Specialist, Australia

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Dexus, an Australasian fully integrated real asset group has sold 30,170sqm of premium industrial land in Melbourne’s west to two owner-occupiers for $25.3 million.

 

Located at 20 Distribution Drive, the two lots neighbour national occupiers such as Coles, CUB, Toll and Secon Logistics, all located within the Dexus Industrial Estate.

 

Building materials company Mapei purchased a 19,940sqm lot and aluminum manufacturer Protector Aluminum purchased a 10,230sqm lot.

 

CBRE’s Tom Murphy, Harry Kalaitzis and Fergus Pragnell brokered the deals on behalf of Dexus.

 

“In uncertain economic conditions, many industrial businesses are performing strongly. Mapei and Protector Aluminum are examples of owner-occupiers whose trade is supporting the need to upgrade and upsize their industrial facilities,” Mr Murphy said.

 

Mr Kalaitzis added, “The sale prices set a benchmark of $840 per sqm for the respective 2ha and 1ha parcels, which is a great result for the industrial market given the current economic conditions. Melbourne’s west is still largely undersupplied for zoned industrial land and this transaction sets a precedent for zoned parcels of this size.”

 

The CBRE team is now selling a further three allotments totalling 1.3ha in Dexus’s Horizon 3023 Estate.

 

The three serviced and development-ready lots are in the centre of the estate with exposure to the Western Freeway in Ravenhall. Horizon is home to big brand name distribution centres including Amazon, Nike, Mitre 10, Myer, Elders and lululemon.

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 2024 revenue). The company has more than 140,000 employees (including 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 www.cbre.com.