Melbourne industrial sale – realestatesource https://www.realestatesource.com.au Commercial and residential property news Thu, 22 Oct 2020 23:21:25 +0000 en-US hourly 1 https://wordpress.org/?v=7.1.4 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png Melbourne industrial sale – realestatesource https://www.realestatesource.com.au 32 32 IOOF Investment Management Buys $24 Million Industrial Asset, Derrimut https://www.realestatesource.com.au/ioof-investment-management-buys-24-million-industrial-asset-derrimut/ Sun, 18 Nov 2012 04:00:17 +0000 http://realestatesource.com.au/wordpress/ioof-investment-management-buys-24-million-industrial-asset-derrimut.html IOOF Investment Management Ltd has paid $24 million for a 27,000 square metre industrial facility in Melbourne’s west.

The Derrimut investment is within Australand’s West Park Industrial Estate – a 290 hectare industrial park located fifteen kilometres from town on Boundary Road, abutting the Deer Park Bypass.

Just over a year ago IOOF paid $19 million for another asset in the Australand estate. Other West Park occupants include Mitre 10, Freight Specialists, La-Z-Boy and Bed Bath N’Table.
]]> IOOF head of Property Investments Simon Gross said: “We are very pleased with the investments we have secured through Australand. The assets provide high quality, long term covenants and brand new prime grade industrial assets. These properties complement our direct property mandate to invest in core, fully leased assets using low gearing.”

“These assets will be placed in the Property Plus diversified trust which has generated an annualised return of 11.58% per annum over the last ten years. Having recognised investors’ requirements for funds which deliver relatively high and consistent returns during periods of economic uncertainty, IOOF has allocated an additional $90 million to acquire prime properties,” Mr Gross said.

Colliers International’s Peter Evans and Tony Iuliano sold the site with Australand’s Andrew Hanna.

]]> Australian Ballet Spends $10 Million on Altona Office Warehouse https://www.realestatesource.com.au/australian-ballet-spends-10-million-on-altona-office-warehouse/ Mon, 18 Jun 2012 10:26:57 +0000 http://realestatesource.com.au/wordpress/australian-ballet-spends-10-million-on-altona-office-warehouse.html AUSTRALAND Property Group has sold an as yet unbuilt office and warehouse facility in Melbourne’s west to the Australian Ballet.

The 9840 square metre facility within the Access Altona estate in Altona will start construction this month, and is due for completion at the end of the year.

Australian Ballet, a national dance group, will amongst other things, store scenery, props, lighting and costume equipment at the new facility.
]]> Australand has committed 15 hecares of the 33 hectares of the estate west of the CBD. Other tenants in the park according to Knight Frank who sold the warehouse, include McIvor Contractors, Sergi Cranes and Toll.

 

]]> Downer EDI Reaps $16.4 Million From Sale of Australian Portfolio https://www.realestatesource.com.au/downer-edi-reaps-164-million-from-sale-of-australian-portfolio/ Wed, 12 May 2010 06:01:27 +0000 http://realestatesource.com.au/wordpress/downer-edi-reaps-164-million-from-sale-of-australian-portfolio.html ENGINEERING firm Downer EDI has sold seven industrial sites across Australia, reaping a total of about $16.4 million.

In the biggest sale, a Somerton laboratory with a 15-year leaseback to Downer, sold for $7.6 million to a private investor. The sale price equates to a 9.3 per cent yield.

In Geelong an engineering plant sold for $2.23 million on a 7.4 per cent yield.
]]> In Hobart, Downer’s Austin Ferry complex sold for $1.4 million on a yield of 10 per cent, while in Launceston a vacant building sold for $600,000 before auction.

The Australian Financial Review, which reported the deals, also includes information about sales in Shepparton (northern Victoria), Forbes (NSW), Belmont (Perth), and Kalgoorlie (regional WA).

]]> Dexus Paying More Than $200m For Industrial Property Portfolio https://www.realestatesource.com.au/dexus-paying-more-than-200m-for-industrial-property-portfolio/ Sun, 17 Oct 2010 04:34:10 +0000 http://realestatesource.com.au/wordpress/dexus-paying-more-than-200m-for-industrial-property-portfolio.html DEXUS Wholesale Property Fund is reportedly paying more than $200 million for a portfolio of industrial assets – the bulk of Colonial First State Global Asset Management’s portfolio, which was listed in June.

The investments include the Myer distribution complex in Melbourne’s Altona and the DHL facility in Eastern Creek, Sydney, according to the report.

All up 16 warehouses and two development sites were offered by CFS.

The disposal, expected to be announced in weeks, would reflect a yield of about 8.5 per cent according to the AFR.

]]> Tontine Pillow Site, Brunswick, to be Replaced With Major Shopping Centre https://www.realestatesource.com.au/tontine-pillow-site-brunswick-to-be-replaced-with-major-shopping-centre/ Fri, 31 Dec 2010 04:43:34 +0000 http://realestatesource.com.au/wordpress/tontine-pillow-site-brunswick-to-be-replaced-with-major-shopping-centre.html MELBOURNE’s next major shopping centre will be developed in Brunswick East, after a prominent 1.9 hectare factory, formerly occupied by Tontine Pillows, sold to developers.

The site at 127 – 137 Nicholson Street was listed by receivers for the Letten Group of companies, and sold to the Melbourne-based Banco Group, a representative of which was unavailable for comment.

Banco is believed to have paid $15 million for the huge Brunswick East site, which also has frontage to John, Gamble and Rickard streets, offering flexible and mixed-use redevelopment approval. Any sale to Banco would follow a $20 million purchase of the Footscray Plaza shopping centre in February.
]]> Sources speculate a Brunswick East complex could rival the nearby Victoria Gardens shopping centre in terms of scale. Like that Richmond complex however, any Nicholson Street based shopping centre development would significantly increase traffic levels around the already congested inner northern suburbs.

CB Richard Ellis agents Paul O’Connell and Alex Zent marketed the Nicholson Street site.

Elsewhere in Brunswick, Planning Minister Justin Madden recently approved a $100-million plus apartment-based replacement of the suburb’s historic Tip Top Bakery.

The Nicholson Street currently occupied by Italian newspaper Il Globo also sold to developers for about $20 million, and is expected to be replaced with at least two towers, with an end value of about $150 million.

]]> MAB Plans $60 Million Business Park to Replace West Gate Collection Point, Port Melbourne https://www.realestatesource.com.au/mab-plans-60-million-business-park-to-replace-west-gate-collection-point-port-melbourne/ Wed, 29 Dec 2010 04:24:39 +0000 http://realestatesource.com.au/wordpress/mab-plans-60-million-business-park-to-replace-west-gate-collection-point-port-melbourne.html MAB Corporation plans to build a $60 million business park at a prominent Port Melbourne site it bought last month from the redundant Brumby government (highlighted, red, right).

The St Kilda Road based private developer, which at one stage was linked to buying Doncaster’s massive Eastern Golf Course, says it expects to lodge redevelopment plans for its new Cook Street site by the middle of this month. The Port Melbourne property is due to settle on January 7, 2011.

MAB commercial and industrial general manager Richard Johnston said the former Vicroads toll collection facility for the West Gate Bridge has a 500 metre frontage to the West Gate Freeway, and passing traffic of some 160,000 vehicles a day.
]]> He says a third of the 3.1 hectare site will be redeveloped as a major fuel exchange with an associated diner.

A portion of the site will be subdivided as land lots between 1000 square metres and 3500 square metres and offered to the market for sale.

MAB is also seeking to build office warehouses on the site, which it will lease and retain as investments.

Jones Lang LaSalle directors Lincoln Reynolds and Ashley Buller negotiated the $12.65 million sale for the former state government and are acting for MAB, marketing the redevelopment.

]]> Developer Pays $5.95 Million For Maidstone Development Site, Melbourne https://www.realestatesource.com.au/developer-pays-595-million-for-maidstone-development-site-melbourne/ Sun, 19 Dec 2010 04:45:05 +0000 http://realestatesource.com.au/wordpress/developer-pays-595-million-for-maidstone-development-site-melbourne.html A DEVELOPER has paid $5.95 million for a 2.7 hectare site abutting a residential area in Maidstone, some eight kilometres west of the CBD.

The former factory at 84 – 88 Mitchell Street is near the Maribyrnong suburb border, and within walking distance to the massive Highpoint Shopping Centre and Homemaker Centre.

Longer term, it’s expected the Maidstone site will be converted from a factory into an apartment or townhouse based residential village with an end value of more than $50 million. Century 21 Wilson Pride Prahran’s David Loweinstein was the marketing agent.

 

]]> John Sands Sells Clayton North Headquarters, Melbourne, For $10 Million https://www.realestatesource.com.au/john-sands-sells-clayton-north-headquarters-melbourne-for-10-million/ Sun, 24 Oct 2010 03:53:00 +0000 http://realestatesource.com.au/wordpress/john-sands-sells-clayton-north-headquarters-melbourne-for-10-million.html GREETING card company John Sands is believed to have pocketed about $10 million from the sale of its outgoing head office and former manufacturing plant in Clayton North.

On almost four hectares and with a 235 metre frontage to busy Clayton Road, the Business 3 zoned land included six buildings with about 20,000 square metres of office and warehouse space.

Vinci Carbone director’s Frank Vinci and Joseph Carbone acted for John Sands selling the Clayton North property. It sold to a partial, and as yet undisclosed owner occupier represented by Savills Lynton Williams.
]]> John Sands, which established in 1837 and is owned by listed parent group American Greetings, is now in the market for an office of around 2500 square metres to buy or lease.

Mr Vinci, who is acting to relocate John Sands from Clayton North said offices in the east and south-east are being considered.

]]> Melbourne Industrial Sales Settle https://www.realestatesource.com.au/melbourne-industrial-sales-settle/ Thu, 16 Sep 2010 05:27:04 +0000 http://realestatesource.com.au/wordpress/melbourne-industrial-sales-settle.html AUSTRALAND has reaped $15 million from the sale of three industrial warehouses in the western Melbourne suburb of Derrimut.

On the other side of town, at 635 Waverley Road in Glen Waverley, a private investor has paid $9 million for a 2.8 hectare site that included a 15,021 square metre office warehouse.

The sales, reported in the AFR, come as private investment group Eang and Taing put 100 hectares of englobo land to the market at 496 – 523 Frankston Dandenong Road in Dandenong South. Based on a price expectation of $250 per square metre, the site would trade for about $250 million.

]]> Queensland’s Tony Quinn Buys Major Laverton North Factory, Melbourne https://www.realestatesource.com.au/queenslands-tony-quinn-buys-major-laverton-north-factory-melbourne/ Sun, 05 Sep 2010 04:16:17 +0000 http://realestatesource.com.au/wordpress/queenslands-tony-quinn-buys-major-laverton-north-factory-melbourne.html LAVERTON North’s former McCubbins Pet Food Factory has sold for about $6 million to Queensland based pet food mogul and multi-millionaire, Tony Quinn.

The 10,600 square metre parcel at 75 – 77 Dohertys Road includes offices, cold stores, blast and plate freezers and two warehouses totalling 2300 square metres.

The existing building occupies just 22 per cent of the overall site, offering development potential down the track, should Mr Quinn’s pet food company, VIP Pet Food, decide to expand further.
]]> The Laverton North property is the group’s first industrial asset in Melbourne, and fifth nationally. The company is headquartered in Yatala, Queensland.

ICR Property Group senior selling agent Guy Naselli said the former McCubbins site boasted excellent exposure to Dohertys Road, and easy access to the Western Ring Road.

He said the “new set of paws in Melbourne’s west” should be recognisable before the end of the year, when VIP Pet Food’s logo adorns the site.

Doherty’s Road is a major thoroughfare within western suburb residential and industrial suburbs, acting as a spine for estates in Laverton, Tarneit, Truganina and Williams Landing.

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