A significant freestanding facility in a tightly held pocket of Melbourne’s south-eastern industrial market has been sold for more than $9million.
Colliers International’s Justin Fried and Andrew Chrapot have sold 830 Wellington Road in Rowville on behalf of a private interstate investment client by way of Expressions of Interest.
“This significant freestanding cool room, dry store and office facility has been well maintained and was offered for sale with short term income from national long standing tenant, Parmalat Australia Pty Ltd,” Mr Fried said.
“The Rowville precinct is highly regarded, limited in supply and extremely well located within easy access to all of the major south eastern arterial roads, with the Eastlink diamond interchange within 800m and 3km from its interchange with the Monash Freeway.
“In addition, the large main road site comprised 2.656ha on one title with a site coverage of around 30%, offering flexibility with near immediate owner occupation, expansion or redevelopment potential, subject to council approval.
“As such, this property attracted significant interest from both local and interstate investors and significant owner-occupiers before being snapped up by a Melbourne-based, privately-owned transport businesses with operations already cemented in Melbourne’s south east."
The property comprised a total building area of 8,801sqm (approx.), including 4,690sqm of chilled warehouse space with multiple loading docks on two sides of the building.
There was also a substantial canopy and dry warehouse storage along with several truck driveways and loading areas where significant upgrades had been undertaken.
“The campaign and sale demonstrates the strength and depth of current demand for established, large scale facilities in this tightly held, fully developed industrial precinct of Melbourne,” Mr Fried said.