Logistics group buys Melbourne warehouse after leasing campaign
Cold Xpress Refrigerated Transport has bought a major Rowville office/warehouse – eight months after it was offered for lease.
The tactical purchase of 780-800 Wellington Road comes seven years since the group outlaid $9 million for a nearby property (830 Wellington Rd) to occupy.
That holding spreads 2.7 hectares with an 8764 square metre building.
Its new asset covers 2.1ha with 8140 sqm of improvements.
The vendor paid $13m excluding GST in 2018 to occupy; prior to that, the property was leased to the AFL Store.
Colliers’ Richard Wilkinson and Jonathan Mercuri were appointed to find a tenant last August; the office/warehouse was the year’s only local 5000 sqm-plus rental offering, they said at the time. It became vacant in November.
800 Wellington Road
Rowville is highly regarded amongst industrial occupiers and investors with “very limited supply” according to Cushman & Wakefield’s Kosta Filinis, who sold 800 Wellington Rd in 2018 – the first time it had been offered in two decades (story continues below).
The site is high profile too, abutting Eastlink.
Cold Xpress director of operations Jack Di Losa said it will accommodate a state-of-the-art facility.
“This strategic move is all about expanding our capabilities to better serve our existing clients,” he added.
“It’s a testament to our resilience, determination and unwavering commitment to excellence,” according to the executive.
Rowville is 28 kilometres south east of Melbourne’s CBD.
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