CIL picks up ex-Furniture Galore HQ
Furniture Galore has sold its outgoing headquarters – which also includes a showroom and warehouse – to Centennial Industrial and Logistics.
The off-market deal for the 2.52 hectare site, 348 Cooper Street, Epping, is worth $19.215 million.
The incoming owner intends to reposition it.
Two weeks ago we reported CIL was building two warehouses at a nearby Campbellfield site it picked up for $13.3m six months ago.
348 Cooper Street, Epping
With extensive frontage to Gateway Boulevard and a crossover at Taryn Drive, the Epping property contains a 13,597 square metre improvement.
“This transaction allows us to continue executing our strategy of acquiring modern and highly functional assets with flexible improvements at close to land value, and enhance investor returns,” CIL executive director, Paul Ford, said.
“We have already had strong leasing enquiry prior to settlement, due to the site’s proximity to the [Metropolitan Ring] motorway and ability to leverage the property’s three street frontages to offer a wide variety of space options,” he added.
Major players investing at Epping
CBRE selling agent Daniel Eramo said the Cooper St precinct has been the focal point of Melbourne’s northern industrial and logistics market – and attracted significant private investment – for three years (story continues below).
“CIL recognised the significant functionality and value-add potential the asset provides,” he added.
“That is complemented by a highly strategic location within Epping, which is proving to be a desirable location among prospective occupiers due to its direct links to key infrastructure”.
Elsewhere in the suburb, earlier this month, Centuria, for its Industrial REIT, paid Australian Unity $15.5m for a warehouse investment at 40 Scanlon Drive.
This property was valued at $13.3m a year ago.
Last December, Charter Hall acquired a 6.45ha block in the suburb with plans for a 34,777 sqm distribution centre pre-committed to Visy.
Ten months ago LOGOS spent c$70m on a funds-through basis for a nearby industrial park to be developed by vendors Time & Place and MaxCap.
Frasers Property Industrial is also building a business park in the area, securing Mazda as the first tenant last February.
This landlord purchased the 63.4ha block making way for the project, 4Ten Epping, from CostaFox in 2018.
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