Receiver sell west Melbourne recycling centre
A heavy industrial property in Melbourne’s west permitted for materials recycling and specialist machinery has sold through receivers.
An interstate-based occupier paid $13.2 million for 90 Foundation Road, Truganina.
On 9600 square metres with a 1500-kilowatt substation the asset contains a 2000 sqm warehouse with a 10-metre clearance accessed via three container-height roller doors.
There is also a 270 sqm double-storey office, 200 sqm all-weather loading canopy and hardstand.
Truganina is about 22 kilometres from Melbourne’s CBD.
Equipment part of deal
Scrap metal recycling and resource recovery business Immix occupies the property, which was marketed with vacant possession.
Five pieces of specialist materials-handling and processing machinery – valued at a total c$6m – formed part of the deal, Costi Cohen’s Tas Costi, who acted for the buyer, said.
“Located within Melbourne’s western logistics corridor, the property offers access to the Western Freeway and Princes Freeway connecting to the Port of Melbourne and Melbourne Airport,” he added.
“The combination of existing approvals, high-capacity power and specialist machinery aligns directly with our client’s operational requirements,” according to the executive (continues below).
90 Foundation Road
The Truganina property previously traded in mid-2020 for $5.15m.
Knight Frank’s Andrew Galluci, Joel Davy and Steve Jones were the agents.
KPMG is the receiver and manager.
The deal comes 14 months since realestatesource.com.au reported Melbourne-based syndicator Peak Equities paid $15.55m for an industrial investment with a hard-to-replicate chemical supply licence.
ChemSupply occupies that 2.84 hectare property, in Adelaide’s Gillman.
South Australia-based Pirie Property Group was the seller.
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