Speculated to have been a $35 million transaction, Nissan’s Melbourne headquarters at 260-270 Frankston-Dandenong Road has sold to a private syndicate otherwise not involved in the property market.
The Japanese carmaker placed its headquarters on the market in April this year. The site takes up a 11.42 hectares in the sought after industrial suburb of Dandenong South.
The property consists of a 2.68 hectare corner site featuring a modern two-storey office building with a net lettable area of 4,846 square metres.
An adjoining 8.7 hectare landholding comprises three separate facilities with a total building area of 27,584 square metres – including a self-contained training centre.
Combined, the properties offer more than 700 metres of street frontage to Frankston-Dandenong Road and Quality Drive.
CBRE's Stephen Adgemis said industrial land prices in that location had spiked to record levels over the past six months.
“The property provides a landmark 'infill' development opportunity in Melbourne’s south east,” he said.
“Development and value add opportunities are becoming increasingly scarce in the south-east, with most of the major sites owned by only a handful of developers. This underpinned significant national interest in the Nissan sale campaign from both developers and occupiers.”
CBRE reported that there was a huge opportunity to further capitalise on its position through value-add or expansion possibilities, with only 28 per cent of the site utilised in its current form.
The property is located approximately five kilometres south of the Dandenong CBD and retail centre – positioning future occupiers within a large employee or workforce catchment area.
Nissan will now look to secure a new Australian Corporate head office designed to house the business for the next generation, improving culture, facilities and amenity.