Ascendas REIT Australia has acquired the former corporate headquarters of homeware giant, Décor, in Melbourne’s eastern industrial hub of Scoresby for $16.245 million.
Purpose built for Décor in 1979, the architecturally designed 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, managed by Daniel Di Gregorio of Gorman Kelly, comprises three levels of office space and fully racked warehousing of up to 16m high.
Underpinned by a 25,895sqm landholding, the property is located in the heart of Melbourne’s eastern growth corridor, providing proximity to major road networks including Eastlink.
In conjunction with Aldo Galante and Sam Torrance of Gorman Kelly, CBRE’s David Aiello, Stephen Adgemis and Sasan Misaghian negotiated the sale following a high profile public Expressions of Interest campaign in the second half of 2017.
Mr Aiello said the property’s significant underlying land value was pivotal in achieving such a strong sale result.
“While there was strong enquiry from owner occupiers given the property’s size and highly regarded Scoresby location – we were also able to generate a significant level of interest from institutional and private investment groups drawn to the property’s undeniably sound fundamentals,” Mr Aiello said.
“Given the competition for, and lack of passively leased industrial investments in Melbourne’s south-east, Ascendas REIT Australia moved fast to contract and settle on the property.”
The freestanding property was sold with vacant possession.