Cadence, Fife trade Melbourne industrial sites
EXCLUSIVE
Fife Capital has agreed to buy neighbouring sites in a logistics estate taking shape in Melbourne’s outer south east growth corridor.
The industrial investor is paying a speculated $17 million for lots 84 and 85 at 330 Cardinia Road, Officer South.
The amalgamation spans 3.38 hectares zoned Urban Growth, suitable for commercial or warehouse development.
It is also exposed to a proposed Thompsons Rd extension.
Subdivide and conquer
Cadence, led by Charlie Buxton, is the seller.
The parcels form part of the 70ha South Point estate, the first stage of which has been marketed for more than a year.
Last April it sold a 2.43ha slice – lot 7, 330 Cardinia Rd – for $12.77m.
That buyer, Grove Group, plans to occupy (continues below).
The three results (lots 7, 84 and 85) price land at just over $500 per sqm.
Agents marketing smaller South Point parcels – between 1200-2600 sqm – have been achieving much higher rates per sqm, circling $710.
Fife doubles down
The biggest of the Fife parcels, lot 84, spans 1.93ha. The other is 1.45ha. Both are rectangular.
Settlement is scheduled early next year.
JLL’s Ivo Redmond and Lachlan Ferguson were the agents.
Officer South is about 50 kilometres from the CBD.
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