Viridian Glass has listed a 20.02 hectare industrial site in Melbourne’s Dandenong South – a property expected to sell for more than $100 million.
Offered with a leaseback until 2028, the holding includes four warehouses and a refurbished office. The total lettable area is about 73,435 square metres. There’s also 3.6 hectares of surplus land which can be developed with 12 months notice.
Viridian Glass is offering to pay starting annual rent of $5.6 million on its leaseback with fixed yearly increases of 3 per cent.
Ownership of the property transferred last year to private equity firm Crescent Capital Partners, which acquired the Viridian Glass business – including the Dandenong South site – from CSR Limited, for $155 million.
CSR, however, retained a Viridan Glass-occupied investment at 8 Williamson Road, Ingleburn, about 40 kilometres south-west of the Sydney CBD, and locked in the occupier on an eight-year lease.
Coincidentally, earlier this week, CSR sold the 11.3 hectare Ingleburn property for $66.3 million, to Fife Capital – a deal negotiated by CBRE’s Jason Edge and Chris O’Brien. This site includes 2.2 hectares of land available for development.