This article is from the Australian Property Journal archive
THE Construction, Forestry, Mining and Energy Union has splashed out $9 million on two properties in Port Melbourne.
CFMEU has bought a brand new two level state-of-the-art facility at 1 Wharf Road Port Melbourne and follows the acquisition of the neighbouring 4,000 sqm vacant site. The properties located within Lorimer Business Park.
“With the failure of government and business to address the skills shortage, we are seeing increasing demand for our training,” CFMEU state secretary Bill Oliver said. “Port Melbourne is a great location for us and we plan to combine the two sites to create a modern training centre providing members with high risk training in cranes, forklifts and scaffolding,”
Jones Lang LaSalle directors Lincoln Reynolds and Ashley Buller said strong competition saw the property sold prior the end of the Expressions of Interest campaign on October 1.
“Competition for the property got hot in week one of the campaign which prompted the CFMEU to purchase early.
“The property was developed by Sarchi Property Developments and received a sale price of $6.4 million which represented a rate of $2,120 per sqm, and highlighted the necessity to get properties to the market and create competition in the current environment,” he said.
The building comprises a modern office with leading environmental sustainable design and a clearspan warehouse, complimented by adjoining canopy area and 52 on-site car parks. The move will see the CFMEU join some of Melbourne’s largest occupiers including General Motors, Herald & Weekly Times, Kraft and Computershare.
This highly desirable location is expected to once again receive keen attention at the upcoming auction of 332 Lorimer Street Port Melbourne, scheduled for October 27, where JLL expects bids in excess of $7.5 million.
Australian Property Journal
