The sale, executed through a competitive Expressions of Interest (EOI) campaign run by Colliers and Cushman & Wakefield, concluded for a total consideration of $28.8m, representing a 27% increase for Cadence since settling the site in April this year. 

The transaction was managed by Colliers agents Nick O’Brien, Sean Thomson & Gavin Bishop together with Michael Green and Chris Jones from Cushman & Wakefield. 

Situated in one of Melbourne's most sought-after industrial precincts, the 4.4-hectare site offers an  exceptional infill development opportunity, benefiting from its strategic location in Melbourne’s North.  

1 Broadfield Road, Broadmeadows represents one of the last remaining scalable development opportunities in the Broadmeadows precinct. Located approximately 20 kilometres north of Melbourne  CBD, the site offers unparalleled access to major transport links including the Metropolitan Ring Road,  Hume Highway, and Sydney Road, ensuring seamless connectivity to Melbourne’s industrial network and  beyond. 

Broadmeadows, a prime industrial location, is experiencing a surge in demand for modern logistics and  industrial spaces. According to research undertaken by Colliers, Melbourne's North has recorded  substantial rental growth, with prime rents increasing by 29.9% year-on-year due to critically low vacancy  rates and limited supply of land.  

The region continues to attract significant interest from both institutional and private investors seeking to  capitalize on its strategic advantages and growth potential. 

The sale of 1 Broadfield Road underscores Cadence's opportunistic approach to investment and ability to  continue to create value for its investors having only unconditionally contracted to purchase the site at the  end of 2023 for $22.75m.  

"The successful sale of 1 Broadfield Road is testament to our ability to continue to perform for our investors  through active value creation and considered execution,” said Charlie Buxton, Chief Executive Officer of  Cadence Property Group. 

“While others in our industry have experienced asset write-downs in their portfolios, we have been able to  continue to outperform for our investors in both good and, perhaps more importantly, challenging  markets.”  

The property’s attributes, including its location within a thriving industrial corridor and proximity to major  infrastructure projects, made it an attractive proposition for Elanor who intend to develop the site into an infill industrial estate to satisfy a severely undersupplied market.  

Sean Thomson of Colliers, said “This transaction exemplifies the strong demand from institutional and offshore capital seeking infill development sites of scale across the Melbourne industrial market as they look to capitalise on strong occupier demand within these land constrained precincts. Ongoing rental growth prospects within Melbourne’s north underpin the prospective development concept for this site."

Colliers, Nick O’Brien further commented,” The market identified the unique elements of this opportunity, further enhanced by the logistical profile of the Broadfield Road location that ensures the eventual development product will engage a wide variety of the occupier sector that are still experiencing an undersupply of super prime product in Melbourne’s North”

This sale marks another successful transaction for Cadence and lifts their gross transactions since inception  to over $2 billion.