This article is from the Australian Property Journal archive
VIRTUS Property Group have bought a 12,261 sqm warehouse in Melbourne’s south eastern suburbs from Reece Plumbing’s Wilson Family in an off-market transaction.
The Clayton property encompasses 34,790 sqm with surplus land for future development, and Virtus Property Group will consider re-letting and development options.
JLL’s Daniel Kelly and Nick Reddish sold 74-86 Garden Rd Clayton.
“It was a mutually beneficial sale where Reece’s civil operations were moving in a new strategic direction and Virtus Property who had recent success with projects in Clayton, were looking to reinvest back into a location they know and trust,” Kelly said.
Virtus Property Group specialise in modifying and developing established industrial sectors while also designing modern office warehouses to customer requirements.
Two years ago, the group sold off two industrial facilities in Clayton South for more than $23 million, including a sub-divided site that realised a near doubling in value in just six months of ownership.
They included a 9,981 sqm property of six lots that were sold to Chinese investors and owner occupiers for $7.55 million, soon after Virtus had paid $4 million, and a 23,785 sqm development site that sold for $15.5 million to a developer.