Vaughan Constructions sells Dandenong South office-warehouse to Dex Collections for $8.5 million
Vaughan Constructions has sold a purpose-built commercial investment within Dandenong South’s Hammond Business Park to occupier, promotional product supplier, Dex Collections, for $8.5 million.
The 4905 square metre building – configured with an office, showroom, warehouse, concrete hard stand, loading yard and 74 car spaces – will sit on a 13,031 square metre site at the corner of Hammond Road and Rodeo Drive, about 31 kilometres south-east of the Melbourne CBD.
With this deal, Vaughan will complete construction of the Hammond Business Park – an 81,000 sqm estate with an end value of $55 million.
“The location together with the modern warehousing facility should deliver a significantly enhanced operating performance across the business,” Vaughan’s Victorian development manager, Chris Telley, said.
The developer said Melbourne’s south-east was experiencing “the greatest lack of quality industrial buildings in a decade, a shortage which has been exacerbated by a lack of available land.
“As a stronger Victorian economy moves into a higher gear, driving manufacturing and logistics industries, and as residential demand continues to grow and take industrial land, we face even greater shortages particularly around the key transport nodes and especially along Eastlink”.
Crabtrees Real Estate’s Andrew Loudon negotiated the Dex Collections deal.
“We had been working with Dex Collections for some time searching for an ideal facility that would not only cater for the expansion of their business but would also support their logistical requirements,” the broker said.
“Knowing the calibre of the projects Vaughan Constructions undertake and the upcoming allotment in Hammond Business Park, this introduction was a perfect fit”.
At present, about 32,000 square metres of buildings, worth a combined total of more than $40 million, is under construction on the site Vaughan purchased in 2015.
“The design and construct deals for office, warehousing and manufacturing facilities, also include those for national wholesale fresh food distributor Bidfood for a 6534 sqm facility, timber veneer distributor Timberwood Panels (4800 sqm) and a leading Australian beverage manufacturer (15,440 sqm)” the developer added.
