A Centennial Industrial & Logistics managed global partnership has purchased a high-profile, 25,201sqm industrial site in Melbourne’s northern suburbs for $19,215,000. 348 Cooper Street Epping sold by CBRE Associate Director Daniel Eramo.

The property at 348 Cooper Street, Epping, comprises 13,597sqm of high-clearance warehousing, office and showroom space that was the headquarters of the former owner occupier, Furniture Galore.

The property was purchased by CIL off-market, under a delayed settlement with vacant possession.

The corner landholding offers extensive repositioning potential, and frontage on Cooper Street, Gateway Boulevard and Taryn Drive within Epping, 20km north of the Melbourne CBD.

The Cooper Street precinct has been the focal point of Melbourne’s northern industrial and logistics market over the past three years, attracting significant investment from the institutional sector and a number of high-profile occupiers.

CBRE Associate Director, Daniel Eramo negotiated the deal.

“Centennial Industrial & Logistics recognised the significant functionality and value-add potential the asset provides,” Mr Eramo said.

“That is complemented by a highly strategic location within Epping, which is proving to be a desirable location among prospective occupiers due to its direct links to key infrastructure.

“Future infrastructure such as the North East Link and Outer Metropolitan Ring Road are set to further cement Melbourne’s north as an ideal home for large-scale occupiers in Victoria.”

This purchase expands Centennial Industrial & Logistics’ national investment portfolio of more than 30 industrial and logistics assets in Victoria, New South Wales, South Australia and Queensland.

“This transaction allows us to continue executing our strategy of acquiring modern and highly functional assets with flexible improvements at close to land value, and enhance investor returns,” said Paul Ford, Executive Director of Centennial Industrial & Logistics.

“We have already had strong leasing enquiry prior to settlement, due to the site’s proximity to the motorway and ability to leverage the property’s three street frontages to offer a wide variety of space options.”

To request a sales analysis please email either of the selling agents via the below contact forms.