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The corporate headquarters of homeware giant Décor, in Melbourne's eastern industrial hub of Scoresby, has sold for $16.25 million.
Purpose built for Décor in 1979, the facility has been acquired by Ascendas REIT Australia.
The property has undergone several upgrades and changes over the past four decades, but its once state-of-the-art features and characteristics have been preserved by Décor.
The 16,000sqm facility, managed by Daniel Di Gregorio of Gorman Kelly, comprises three levels of office space and fully racked warehousing of up to 16 meters high.
The property, underpinned by a 25,895sqm landholding, is located in the heart of Melbourne's eastern growth corridor, providing proximity to major road networks including Eastlink.
CBRE's David Aiello, who negotiated the sale of the headquarters, says it was the significant value of the landholding that pushed the price up so high.
"While there was strong enquiry from owner occupiers given the property's size and highly regarded Scoresby location we were also able to generate a significant level of interest from institutional and private investment groups drawn to the property's undeniably sound fundamentals," says Aiello.
"Given the competition for, and lack of passively leased industrial investments in Melbourne's south-east, Ascendas REIT Australia moved fast to contract and settle on the property."
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