Cadence exits another industrial site in the black
Cadence Property Group is celebrating another windfall selling a major Melbourne industrial development site shortly after settlement.
The 4.4 hectare Broadmeadows parcel – 1 Broadfield Road, an extension of higher profile Northcorp Boulevard, off Camp – is fetching $28.8 million from Elanor Investors Group and Icon Developments.
Cadence, led by Charlie Buxton, paid $22.75m in a deal negotiated in March, 2023, which settled this April.
Both prices exclude GST.
An industrial estate is planned for the Business 3 zoned block, 20 kilometres north of Melbourne’s CBD.
Cushman & Wakefield’s Michael Green and Chris Jones were the marketing agents.
Outperforming in challenging market: Buxton
The Broadmeadows deal comes 11 months since Cadence and Linkage sold a 40.85ha Craigieburn development site to Frasers Property Industrial for $87m, a significant rise on the $33.08m they paid in three deals between 2021-2023 (story continues below).
In 2019 meanwhile, Mr Buxton sold down a three hectare Mill Park industrial investment for $15.25m.
He paid $7.1m in 2018 before subdividing a factory from a 6377 sqm tract and divesting both.
Outside of Victoria, three years ago, Cadence divested a Redbank, Brisbane, industrial building block for $17m – almost 70pc up on the ($10.5m) it paid about 13 months earlier.
“The successful sale of 1 Broadfield Rd is a testament to our ability to continue to perform for our investors through active value creation and considered execution,” Mr Buxton said.
“While others in our industry have experienced asset write-downs in their portfolios, we have been able to continue to outperform for our investors in both good and perhaps more importantly, challenging markets,” he bragged of the recent track record.
“The [Broadmeadows] property’s attributes, including its location within a thriving industrial corridor and proximity to major infrastructure projects, made it an attractive proposition for Elanor,” according to the executive.
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