Melbourne

Velcro Australia sells Melbourne office/warehouse for $5.05m

Velcro Australia has divested an industrial property in the Melbourne suburb of Hallam for $5.05m.

17 Jul 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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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.