292-306 Lower Dandenong Road, Mordialloc
Stonebridge Property Group are pleased to announce the $13m sale and settlement of 292-306 Lower Dandenong Road, Mordialloc to ASX listed Abacus Storage King (ASX:ASK). The deal represents the largest transaction within the South East industrial sector for 2024. Rorey James, Dylan Kilner & Chao Zhang from Stonebridge represented the vendor, in conjunction with Steven Mostafa and Nadia Polzella of Link Business Brokers.
The property was formerly the home of Mr Donut, who had occupied the 11,760sqm site since 2004. The 5,268 sqm* warehouse includes cold storage and food processing facilities along with office amenity.
Nikki Lawson, Group General Manager, Self Storage and Fund Manager ASK said “The acquisition of this asset in Mordialloc addresses a network gap we identified in the Melbourne market. Situated in a high-traffic area opposite a new Goodman estate and Moorabbin Airport, it offers attractive exposure for our brand and access to a community not currently serviced by Storage King. This acquisition demonstrates ASK’s commitment to disciplined growth and prioritising strategic network gaps in quality metropolitan locations.”
Following a highly competitive campaign in late 2023, bids came from a range of buyer profiles throughout the country. “We received offers from owner occupiers, storage providers and food manufacturers, along with 3 bids via our Asia Practice team, a testament to the location and confidence in the sector.’ commented Stonebridge’s Rorey James.
“Sold with vacant possession, the property was strategically positioned to secure interest from interstate developers / owner occupiers and in particular self-storage groups. The sale reflected a strong building rate of $2,600 per square metre.” Commented Dylan Kilner.
With a building area of 5,268 sqm and a mix of warehouse, office, and cold storage facilities, the incoming purchaser has budgeted a significant amount of capital expenditure to suit their new use.
Stonebridge Property Group together with Link Melbourne extends its congratulations to both the vendor and purchaser on this landmark transaction.
