Keneco buys $27m site for Kennards Hire
Keneco, born out of Kennards Hire and predominantly investing in product leased to the group, has paid $27.2 million for a major vacant Melbourne industrial property.
The 3.16 hectare holding, 96-104 Fairbank Road, Clayton South, will be rented to the business.
There are 14,058 square metres of improvements.
A multi-storey warehouse with crane and power infrastructure has full drive around access.
The site also has three crossovers and expansive hardstand.
About 2.32ha is developable immediately.
“The campaign generated…seven offers including bids from investors, developers and owner occupiers,” JLL’s Lachlan Ferguson who brokered the deal with Paige Palmer with AND Property’s Bryce Pane, said (continues below).
“Groups were assessing the opportunity for immediate occupation, leasing or full redevelopment which highlights how versatile infill assets in core precincts have become,” he added.
Kennards to move in
Keneco will now fit out and modify the site for Kennnards Hire.
“The Clayton South location offers strong connectivity and scale within a well-established industrial precinct,” Keneco acquisition and development manager, Australia & New Zealand, Leon Hayson, said.
“The existing infrastructure and site configuration provide a solid platform to support Kennards Hire’s operational needs now and into the future,” he added.
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