Originally purchased for $10.5 million in September 2020, Cadence acquired the site with the intention of holding, upgrading, and re-leasing for long-term rental, identifying the site’s potential given the strength of the location.
Conveniently located in an established precinct neighbouring Australia Post, TNT – FedEx and a new Coles Distribution Centre, the site presented a multitude of opportunities for development, occupation or investment.
The property spans across two titles with a combined land area of 86,250 square metres zoned as ‘Regional Business and Industry.’
As demand in the area increased and with limited land availability, Cadence maintained a desire to hold, however, after being approached directly by an owner occupier, the decision was made to secure the best outcome for investors and sell for $17 million.
“It was clear to us the site and location had enormous potential in 2020. We were pleased to be proven correct with a great offer,” said Charlie Buxton, Managing Director at Cadence Property Group.
“Flexibility around an investment is crucial if an opportunity to secure a significant gain presents itself, and that’s exactly what we were able to achieve with the Redbank property.”
Cadence is now set to take another step forward in investment management with the recruitment of Tony who brings a wealth of experience in the industry.
Tony has a proven track record of managing funds and investments, leading major transactions, multifaceted projects, leasing strategies and investment teams across a diversity of asset classes.
“We’re fortunate to have someone of Tony’s calibre join the Cadence team at an exciting time for us heading into 2022,” added Buxton.
“With Tony on board, we’re set to take the investment management arm of our business to another level and look forward to taking great strides using his leadership experience.
“He will join our Management Team at Cadence and we’re sure he’ll provide an enormous amount of insight and value into the organisation as a whole.”
Having completed over 30 projects with a total value in excess of $900m since 2014, Cadence will continue to grow its investment business in partnership with its private and institutional clients while maintaining a focus of value creating investments.