CSR divests Viridian Glass facility for $66 million
Written on the 3 April 2019 by Business News Australia
A Viridian Glass logistics facility in Ingleburn has been sold by parent CSR Limited for $66.3 million.
Previously owned by CSR and leased to Viridian Glass until 2028 the facility spans more than 34,000sqm and is just 14km from the Moorebank Intermodal Terminal.
CBRE's Jason Edge, who negotiated the sale process on behalf of CSR Limited, says the property attracted competitive buyer interest.
"Underpinned by a high underlying land value with the potential for immediate value-add development, this property represented an outstanding opportunity to acquire an iconic asset in the tightly held Sydney industrial & logistics market," says Edge.
"The property's scale, combined with the current demand for logistics product in Sydney's south-west, provides attractive security to a long-term property strategy, which was ultimately one of the factors."
Chris O'Brien, who also negotiated the sale of the facility, said the property's location was fundamental to the deal.
"Buyers for Sydney assets continue to be drawn to assets that provide solid property fundamentals. The strong underlaying land value of Williamson Road provided the purchaser a significant holding in one of Sydney most desirable logistics locations," Mr O'Brien said.
"Buyers are drawn to assets that provide strong connection to Sydney's ever improving infrastructure. In the case of Williamson Road, access to the M5, Moorebank Intermodal and Sydney's second airport provided a unique opportunity."
Business News Australia
Author: Business News Australia