Ascendas REIT Australia has acquired the previous corporate headquarters of homeware giant, Décor, in Melbourne’s eastern industrial hub of Scoresby for $16.245 million.
The property was sold with vacant possession. Purpose built for Décor in 1979, the architecturally designed industrial property at 1314 Ferntree Gully Road has undergone several upgrades over the past four decades, preserving its once state-of-the-art features and characteristics.
The 16,000sqm facility which is managed by Daniel Di Gregorio of GormanKelly, comprises three levels of office space and fully racked warehousing of up to 16m high - is located in the heart of Melbourne’s eastern growth corridor, providing proximity to major road networks including Eastlink. Its value is underpinned by its Commercial 2 zoned landholding of 25,895sqm. Sam Torrance and I, in conjunction with CBRE, negotiated the sale following a high profile public Expressions of Interest campaign.
This commercial property’s underlying land value given its prominent corner location and exposure to Ferntree Gully Road attracted strong interest and helped achieve the strong result reflecting a land rate of $625 psm and a building rate over $1,000 psm. The attributes of the property resulted in strong interest from owner-occupiers, private investors and institutional and private investment groups.
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Written by Aldo Galante
For over 30 years, Aldo has been at the forefront of Australia’s fast-evolving property industry. He served as President of the prestigious Australian Property Institute (Vic), providing determinations on rent-reviews and valuations