Fund manager boosts south east Melbourne industrial portfolio
EXCLUSIVE
RF Corval has quietly purchased an industrial investment on over two acres in the middle ring Melbourne suburb of Vermont.
Tenanted for over a decade to merchandise manufacturer Smash Enterprises, which has 1.1 years left to run on it lease – but has options – 33 Redland Drive is costing $17.05 million.
The improvement spreads 6435 square metres; the three level climate-controlled office is A-grade, with balconies.
There is also 65 car parks and an outdoor dining area.
RF Corval settled on June 25.
The deal comes 10 months since the manager added an Oakleigh South investment once owned by CSR to its three year old Industrial Infill trust – spending $25.5m.
Cushman & Wakefield’s Adrian Rowse, Chris Jones, Gareth Jackson and Charlie Holmes were the agents (story continues below).
RF backs industrial again
Outside of Melbourne, RF Corval’s Infill Industrial Trust holds several Brisbane assets including neighbouring Richlands warehouses, acquired recently for $11.5m, and a significant hardstand investment at Hemmant.
The fund also owns a cold storage facility once occupied by Baida Poultry in Adelaide’s Wingfield.
Last month, for another trust, we reported the manager bought adjoining Newcastle offices from Dexus for about $50m, nearly 10 per cent less than the June, 2023, book value.
Vermont is 21 kilometres east of Melbourne’s CBD.
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