Point sells downs ex-Industrial Galvanizers HQ
Point Property Group has offloaded the second and final piece of the ex-Industrial Galvanizers HQ, at Preston.
The developer is now in the black from the sell down – collecting $7.5 million for the 7105 square metre plot marketed as 30 Albert St.
In 2021, it banked another $7m for a neighbouring 6500 sqm parcel, 44 Albert St.
Coincidentally, that site sold again mid-last year, for $11.55m.
Both blocks are zoned Industrial 3.
Point sell down
Point acquired the 1.36 hectare holding in 2017 for $8.61m ex-GST – a then record for a Preston property deal (continues below).
A collection of red brick buildings and warehouses which for years housed Industrial Galvanizers had been demolished a few years earlier.
That business is now based in Campbellfield about 10 kilometres north of Preston.
CBRE’s Daniel Eramo and Matthew Romanin with And Property’s Ben Quennell and Bryce Payne marketed 30 Albert St.
Preston is about 10 km north of Melbourne’s CBD.
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