After a successful Expression of Interest campaign, 440 Princes Highway Noble Park has changed hands for around $ 20 million.
The massive 19,339 sqm industrial freehold site with a 13,502 sqm warehouse is currently leased to long-term tenant packaging manufacturer Oji Fibre Solutions, generating an annual rental income of approximately $986,946.
The successful campaign attracted unprecedented interest with over 149 enquiries, leading to 12 Expressions of Interests and culminating in six final Contracts of Sale with selling agents Lemon Baxter.
Lemon Baxter’s Paul O’Sullivan and Chris Chartres, the driving forces behind this campaign, said the interest again demonstrates a robust and thriving property market.
Lemon Baxter Managing Director Paul O’Sullivan said, “A site of this magnitude in such a prime location doesn’t come available to market often, which backs up the strong interest in the site.”
It was also recently announced that the leading Victorian commercial real estate agency, Lemon Baxter, has acquired a substantial commercial, industrial and retail management portfolio from Dixon Kestles, including the addition of ten property management and agency staff.
The deal marks a new growth phase for Lemon Baxter and positions the company as one of the industry’s leading mid-tier commercial agencies, expanding the geographic spread of Lemon Baxter’s portfolio into greater parts of Metropolitan Melbourne in the north and the west, adding over 400 properties and 500 tenancies.
“We couldn’t be more excited about the acquisition of Dixon Kestles. This is a tremendous opportunity for us to deepen our expertise, expand our client base, and further strengthen our position as a trusted leader and advisor in the commercial property industry,” said Mr O’Sullivan.
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