Warehouse in Epping sells for $15.7m

July 23, 2018 by  

An Epping warehouse has been purchased by Industria REIT for $15.7m.

Industria REIT acquired the property in question by paying MPG Funds Management almost $16m. As a result, the organisation has control over two hectares of land. The site is located about 20 kilometres from the core of Melbourne.

MPG Funds Management is the consequence of the evolution of McMullin Group, created by Ian McMullin after forming the Spotless Group after the end of the Second World War. McMullin started his entrepreneurial progress by setting up a dry-cleaning outlet.

Executives from CBRE helped dispose of the space for MPG Funds Management, with $15m being the book value. Letterheads can be really useful when businesses expand or sell property.

The land under discussion is situated at Jersey Drive and Ricky Way. Edlyn Foods has leased some of the space in recent times. This business has used the area as a head office, and the land has also served to accommodate a facility for the purposes of distribution and manufacturing. A car park is a feature of the site, but a couple of buildings are possibly more significant.

Three years back, the Melbourne Wholesale Fruit Vegetable and Flower Market was established close to the warehouse. This market took many years of planning. Construction on the market site took place over five years, and the area is approximately 70 hectares in extent.