This article is from the Australian Property Journal archive
ITALIAN food manufacturer Lago Smallsgoods has paid $3.9 billion for an office/warehouse complex at Broadmeadows in Melbourne’s north.
The sale of the circa 4,727 sqm, 14 Military Road facility was negotiated by CB Richard Ellis agents Matt Sampson and Dean Hunt.
Sampson said the deal was the latest example of buyer demand for quality, purpose-built industrial facilities, with a particular emphasis on properties sized between 2,500 sqm and 10,000 sqm.
“We are working with numerous owner occupiers and developers at the moment on sale and leasing pre commitments due to the lack of quality existing properties in the market,” Sampson said.
Hunt said a growing number of companies are now seeking A Grade style facilities instead of existing B-grade facilities.
“This is a good sign for developers and the construction industry alike, with owner occupiers having limited existing options to choose from,” he added.
Hunt said the location of the Broadmeadows facility in the highly regarded Northcorp Business Park had been a major draw card for Lago. The company is currently based in an industrial facility at Reservoir.
The facility includes corporate offices of 488 sqm, multiple container height roller shutter doors and high clearance clearspan warehouse space and 1,320 sqm of hardstand area.
Australian Property Journal
