Cadence has closed a capital raising allowing it to buy another west Melbourne infill industrial development site – this time for $10 million.
Director Charlie Buxton a month ago announced he secured 36-38 Roberts Street, West Footscray (pictured, top), for the CPG FM03 Property Trust, a value-add syndicate.
On 2.1 hectares at the north west corner of Indwe St, opposite Hansen Reserve and Yarraville Swim Centre, it has undeveloped tracts at its south – across the road from a residential zone – and to its west.
Also with a c7800 square metre warehouse, it was offered with a 2.5 year leaseback to Winnipeg Textiles, represented by Colliers International’s Charlie Woodley.
Cadence intends to reposition the investment then.
A block from Tottenham train station, nine kilometres from the city, the factory previously traded for $4.3m in 2007.
“Melbourne’s inner west continues to be a key focus for developers, investors and occupiers given the improving infrastructure and connectivity to the Port of Melbourne as it appeals as a last mile logistics location,” Mr Woodley said of the deal (story continues below).
Cadence goes west again
The Roberts St deal comes three months after Cadence paid $14m for the 3.8ha former Spotswood Animal Quarantine Station – a development site about four kms closer to Port Melbourne.
In May Mr Buxton with Assembly Funds Management – an entity part financially backed by Westfield co-founders the Lowy family, spent $39m on a shopping centre investment, City West Plaza, on 6.1ha at 484-486 Ballarat Rd, Sunshine, 12kms west of Melbourne.
In Brisbane’s Redbank, Cadence last month paid $10.5m for an 8.6 ha vacant industrial property it is refurbishing while offering for lease as a whole or in part.
About 6.1ha of that parcel is developable.