Cadence buys major Melbourne distribution centre
Cadence has bought a major vacant logistics investment in Melbourne’s south east.
The developer and asset manager led by Charlie Buxton paid $25.24 million ex-GST for 1651-1657 Centre Road, Springvale.
For years until recently occupied by Mainfreight, it spans 2.96 hectares with 11,008 square metres including 9910 sqm of warehousing, a 627 sqm office and a canteen.
The shed has a seven metre clearance accessed from 10 on-grade roller doors and two recessed loading docks.
Improvements cover 37 per cent of the block offering development upside.
Exposed to Centre Rd for nearly 200 metres, the holding is also configured with 159 car parks (continues below).
The seller, an Adelaide based investor, Select Property Holdings (Mauritius) Ltd, paid $15.65m in mid-2018.
That vendor was Chris Langford’s Newmark Capital which picked it up for $12.975m from Australian Unity in 2016.
Mainfreight Logistics owned it before 2014.
Springvale is about 22 kilometres from the CBD.
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