427-451 Somerville Road in Tottenham is located in a tightly held, inner western area only 5km from the Port of Melbourne with excellent rail and freight connectivity and adjacent to high density, high amenity residential areas such as Yarraville and Footscray.
Cadence initially intended to undertake an industrial land subdivision however pivoted to a built form solution when it became apparent that the location as well as lack of quality product in the area lent itself to leveraging on the growth in last mile logistics and e-commerce.
The opportunity was presented to partner with the Aliro Group, a multi-faceted development, investment and funds management group that were actively seeking opportunities for high quality product for their flagship Aliro Group Industrial Value Fund (AGIVF).
Cadence and Aliro entered into an agreement whereby Cadence would develop three new warehouses in a vacant portion of the site for purchase by Aliro together with the balance of the site, which included two existing tenants. The development was completed and the property settled in July 2021.
Project Facts
