This article is from the Australian Property Journal archive
OPUS Capital Group has bought a 12,000 sqm warehouse and showroom at Paramount Estate in Melbourne's outer west from Investa Commercial Developments for $13 million.
Under the deal, ICD will guarantee completion of the two-stage project by mid-2008. The first stage is a 6,300 sqm warehouse with a 300 sqm office. The second stage is a complex of five smaller warehouses, two retail and four showroom units.
“The increasing demand for industrial space in Melbourne’s west, combined with the major infrastructure developments in the area such as the Deer Park Bypass, indicate our purchase will be a valuable long-term asset,” Opus Capital’s co-chairman Steven Goakes said.
ICD group executive Richard Johnston said the acquisition by Opus is a vote of confidence in Paramount Estate.
The 194 hectare Paramount Industrial Estate is now more than 50% pre-committed.
Paramount Industrial Estate is accessed by Mt Derrimut Road, which is an approved B-Double Road for heavy transport and provides easy access to both the Western Ring Road and the Western Highway. The estate provides the most affordable serviced estate land in the West and is targeting owner-occupiers and tenants.
“Paramount Estate has already attracted a number of high profile companies, due to its close proximity to main arterial roads and excellent access to Melbourne’s transport network including Tullamarine Airport. With a strong growth outlook for the area we look forward to working in partnership with Opus Capital to lease the facility.
“Once complete, we will work to develop other warehouse facilities ranging between 5,000 sqm and 25,000 sqm on the estate,” Johnston said.
The transaction brokered by Jeremy Gruzewski and Nick Rathgeber of Colliers International Melbourne, forms part of a package deal negotiated for Opus and Investa. This included the pre-sale of two commercial office buildings in Melbourne’s city fringe for $84.6 million to Opus at Johnston Street, Abbotsford and at Botanicca Corporate Park, Richmond.
Investa will be responsible for the construction and delivery of both buildings and will work in partnership with Opus Capital to lease them.
Australian Property Journal
