This article is from the Australian Property Journal archive
SPURRED by Dexus securing a 11% premium on a Port Melbourne industrial sale, Japanese automotive giant Toyota is accelerating plans to divest its second largest landholdings in the city fringe, with expectations of $50 million.
Located at 61 Bertie Street, the site comprises 11,590sqm of existing improvements, including corporate offices and showrooms, warehouse facilities and car parking, set on a 19,383 sqm site.
The property previously housed Toyota’s research and design centre and is one of three major landholdings owned by the Japanese manufacturer, including 140 and 155 Bertie Street.
This site includes three street frontages within Port Melbourne. It is in the Fishermans Bend precinct, Australia’s largest urban renewal project.
Photo: Urbis
Large industrial sales near the Melbourne CBD are currently in high demand. Recently the City of Port Phillip acquired a 15,000 sqm site at 509 Williamstown Road for $38 million, representing over $2,500 per sqm.
Meanwhile the Dexus Wholesale Australian Property Fund (DWAPF) finalised the sale of 704-744 Lorimer Street for $61 million, reflecting a 11% premium to the December 31 2023 valuation.
CBRE’s Trent Hobart, Matthew Romanin, Harry Kalaitzis, Andrew Bell and Tom Ryan are managing the sale via an International Expressions of Interest campaign closing July 17th 2024.
“The future of the site is very flexible and is envisaged for a range of building heights and uses including retail, office and a range of living sector options. Importantly, the premises can generate income while any potential planning for major redevelopment is being undertaken, aligned with the vision for the high-growth Fishermans bend precinct,” said Hobart.
Romanin said the existing improvements offer an attractive repositioning opportunity at a scale that is rarely available in the city fringe.
“These adaptable buildings have been well maintained and still have considerable economic life, which provides significant inherent value and cost savings,” he added.
The latest Knight Frank’s Australian Industrial Review for Q1 2024 shows liquidity is returning to the market.
