Produce specialist sells Yarraville facility for $8.85m

Produce specialist LaManna Premier Group has sold one of its former produce distribution facilities in Yarraville, in Melbourne’s inner-west, to a private investor for $8.85 million.

The company, one of Australia’s largest fresh fruit and vegetable supply chain operations, sold the 7,188sqm site at 360-374 Whitehall Street with vacant possession.

LaManna Premier Group maintains its head office on Hyde Street in Footscray, and has relocated its warehouse to a new facility in Epping.

The low-site-coverage Yarraville property has a 2,508sqm facility, with warehouse, cold-storage and office space and an expansive canopy, with the sale representing a building rate of $3,528/sqm over the GLA.

Featuring full drive-around access, the asset also offers immediate access to the Port of Melbourne and West Gate Freeway.

CBRE’s Bryce Pane, Harry Kalaitzis and Tom Hayes managed the sale campaign on behalf of LaManna Premier Group.

“There was significant interest in this last-mile, cold-storage facility, resulting in a strong sale price,” Pane said.

“The buyer already owns a number of properties in the area, and was drawn to this site’s large landholding and proximity to the Melbourne CBD, Port of Melbourne and West Gate Freeway,” he said.

Source: CBRE