Industrial property in Melbourne’s north sells via sale and leaseback transaction12 October 2023
A brand new state-of-the-art industrial facility in Epping has transacted via sale and leaseback for $37,691,205.
It was purchased by Boston-based investment manager Cabot Properties in a deal negotiated by Knight Frank.
18 Litoria Court, Epping, located within Stage 2 of the Biodiversity Business Park, comprises a corporate office/warehouse facility with a gross lettable area of 16,117sq m on a 2.44-hectare site.
The property transacted on an initial leaseback term of five years to 99 Bikes Pty Ltd, who are an entity of Pedal Group.
The transaction was negotiated by Knight Frank’s Scott Braithwaite and James Templeton following an Expressions of Interest campaign.
Mr. Braithwaite said: “The quality of the offering attracted strong investor interest, from a range of buyer profiles, including domestic and international investors.”
Mr. Templeton said: “The location is highly regarded for its immediate access to the Hume Freeway and other major surrounding arterials including Metropolitan Ring Road and Tullamarine Freeway.
“Melbourne’s north has experienced significant growth over the past few years with the delivery of several major infrastructure projects, including the new diamond interchange between O’Herns Road and Hume Freeway, widening of the Metropolitan Ring Road and Tullamarine Freeway upgrades,
“The property will further benefit from major infrastructure projects including North East Link, Epping Road and Craigieburn Road upgrades providing a direct road network for transport between Melbourne’s North and South-East markets.”