This article is from the Australian Property Journal archive
ASX-listed property heavyweight Dexus has offloaded more than three hectares of premium industrial land in Melbourne’s west to two owner-occupiers for $25.3 million.
The two lots at 20 Distribution Drive in Laverton neighbour national occupiers including Coles, CUB, Toll and Secon Logistics, all located within the Dexus Industrial Estate.
Building materials company Mapei purchased a 19,940 sqm lot and aluminium manufacturer Protector Aluminum purchased a 10,230 sqm lot.
The sale prices set a benchmark of $840 per sqm for the respective two-hectare and one-hectare parcels.
CBRE’s Tom Murphy, Harry Kalaitzis and Fergus Pragnell brokered the deals.
“In uncertain economic conditions, many industrial businesses are performing strongly. Mapei and Protector Aluminum are examples of owner occupiers whose trade is supporting the need to upgrade and upsize their industrial facilities,” Murphy said.
Kalaitzis said Melbourne’s west is still largely undersupplied for zoned industrial land and the transaction sets a precedent for zoned parcels of this size.
The sales come nearly a year after Dexus announced it had sold a part of 20 Distribution Drive for $43.1 million on a fund-through basis.
The CBRE team is now selling a further three allotments totalling 1.3 hectares in Dexus’ Horizon 3023 Estate. The three serviced and development-ready lots are in the centre of the estate with exposure to the Western Freeway in Ravenhall. Horizon is home to big brand name distribution centres including Amazon, Nike, Mitre 10, Myer, Elders and lululemon.
