An enriching investment opportunity in Melbourne’s south-east growth corridor with a lease to an international agribusiness conglomerate has been sold for $5.75 million within just seven days of the on-market campaign launch.
Fitzroys’ Brent Glassford and Marco Sandrin sold 150 Sybella Avenue in Koo Wee Rup, within the Shire of Cardinia, on behalf of a private family who have held the property for a long time.
The 4.06-hectare site with a 290-metre frontage comprises warehouses and sheds with a combined building area of 5,457sqm. Ameropa Australia, part of Switzerland-based international agribusiness conglomerate Ameropa AG, has a lease until April 2029 returning $354,695 per annum plus outgoings and GST.
“Agribusiness-tenanted investments have become highly sought-after amid a sustained period of strong growing conditions and heightened commodity prices,” Glassford said.
“There remains a severe shortage of warehousing assets available to the market. This, combined with the property’s secure, long-term lease to a global agribusiness operator, and its strong road connections meant we had a rush of investors show strong interest in the site, ultimately leading to a strong sales result in just seven days.” The scheduled Expressions of Interest campaign was not due to close until 13 October.
The property is just 200 metres from the South Gippsland Highway and a short drive to the M1.
Sandrin said there was also interest from landbankers and developers during the short campaign, with the property in excellent proximity to Koo Wee Rup’s revitalised town centre and well-connected to the region.
“Commercial and residential land in Melbourne’s south-east growth corridor is consistently being snapped up quickly. Casey continues to be a hotspot for landbankers and developers and many have their eye to the long-term potential of sites,” he said.