Cadence flips Redbank site for massive premium
Cadence Property Group has offloaded a Redbank industrial site for $17 million.
The sale of 36-48 River Road to an owner occupier reflects a major capital gain for the Melbourne vendor which paid $10.5m last October.
About 6.1 hectares of the 8.625ha block is developable.
Existing buildings, containing a total of 14,829 square metres, are surrounded by 3.5ha of hardstand.
Cadence had intended to renovate the office and warehouse and construct a new ring road while offering it for lease in configurations from 500 sqm.
It would then have been held in the CPG FM02 Property Trust (story continues below).
Crew Commercial’s Clint Bott and Corbin Crain brokered the latest sale.
DB Schenker, the current occupier, is set to vacate so the buyer, presently based in Darra/Richlands, can move in.
The asset neighbours a recently completed Coles distribution centre, owned by Goodman.
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