Mulgrave refrigerated logistics facility to fetch $8 million plus‏

Savills Australia is marketing a substantial cold storage facility with potential redevelopment and land banking upside at Mulgrave in Melbourne’s south-east. The property will be sold by expressions of interest closing October 29.

It is expected to fetch more than $8 million.

Located at 769-781 Springvale Road, the property comprises a 5500 square metre building, including freezer, chiller and cool rooms, on a 15,900 square metre site zoned Special Use Zone 6.

The property is situated close to the M1 Freeway and within a sought after industrial precinct including BMW’s Headquarters, Peters Ice Cream, Catch of the Day, and Monash University.

Savills’ directors Kosta Filinis and Lynton Williams said its represented a seldom offered opportunity to take advantage of a scarce refrigeration logistics facility with redevelopment upside enhanced by quick access to Melbourne’s premier freeway network.

Mr Williams said the market for industrial properties at the moment is very strong due to a number of factors including low interest rates, the lure of relatively good industrial yields and the volatility of share market investments.

"What has also been a driver in the sub-$10 million sector is the rise of the self-managed super funds which have increasingly been drawn to industrial investments,’’ Mr Williams said.

The property will be offered with vacant possession by vendor, national distributor of dry, dairy, frozen, smallgoods and accessory products, Superior Food Services.