Private investment company, Arrow Capital Partners has purchased two separately titled industrial facilities at 3 & 4 Forbes Close, Knoxfield, VIC totalling 12,674 sqm on a combined landholding of 2.4 hectares for $22.925 million.
The asset sold with a fully occupied with a WALE of 2.5 years by income, allowing for significant future positive rental reversion in the short-term. The passing rental is considered well below current market levels.
Strategically located within the land constrained industrial submarket of Knoxfield, the deal was negotiated by Chris Jones, Adrian Rowse and Charlie Holmes of Cushman & Wakefield in conjunction with Ben Hegerty and Jack Kelliher of JLL on behalf of Dexus with vacancy levels of less than 1% throughout the Eastern corridor showing unprecedented occupier and tenant demand.
Chris Jones from Cushman & Wakefield said, “The property generated significant interest from a wide cross section of privates, syndicators and funds who were attracted to the asset’s strong location characteristics, high underlying land value and the precinct’s minimal vacancy.”
