This article is from the Australian Property Journal archive
BUILDING manufacturer CSR Limited has divested the Viridian Glass logistics facility in Ingleburn for $66.3 million, just as the company it sold the struggling business to late last year, Crescent Capital Partners, listed the Viridian plant in Dandenong.
The 11.3-hectare Ingleburn site at 8 William Road has a 34,061 sqm building and is leased to Viridian until 2028. It includes around 22,000 sqm of surplus land fronting Williamson Road, offering scope for immediate development.
“Buyers for Sydney assets continue to be drawn to assets that provide solid property fundamentals. The strong underlaying land value of Williamson Road provided the purchaser a significant holding in one of Sydney most desirable logistics locations,” selling agents from CBRE said.
“Buyers are drawn to assets that provide strong connection to Sydney’s ever improving infrastructure.”
The property is 14 kilometres from the Moorebank Intermodal Terminal and offers convenient access to the Hume Motorway and South Western Freeway.
CSR sold Viridian to private equity firm Crescent Capital Partners for $155 million at the end of November, which included the Viridian facility in Melbourne’s Dandenong, and put the Ingleburn site to the market shortly afterwards.
Crescent Capital Partners has now listed the 20-hectare Dandenong site at 51-95 Greens Road to the market with hopes of fetching upwards of $100 million. It has a gross lettable area of 73,435 sqm across four warehouse buildings, office space, ancillary buildings and a new cold-storage facility, and is being offered with an eight-year leaseback returning $5.6 million per annum.
The property also has a sizeable chunk of surplus land, of around 3.6 hectares.
More than $1 billion was stripped from Viridian’s value since CSR acquired glass businesses Pilkington and DMS in 2007 and 2008, and started operating them under the Viridian label.
Australian Property Journal
