Racecourse Road, North Melbourne

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New Deal in North Melbourne

A retail point-of-sale distributor is planning a relocation following its recent acquisition and has sold two of its North Melbourne properties through agents of ICR Property Group.  Vantex is understood to have been acquired by US giant Ingram Micro as part of its strategies to expand its global presence.

A clear span office and warehouse of 2395 sqm was purchased from Vantex by the Australian Muslim Services Association for $3.2 million and a main road showroom and warehouse of 929 sqm in Racecourse Road, North Melbourne, was purchased by a local investor for $1.65 million.

Both properties were sold with vacant possession within a four to five week period and a number of offers are understood to have been received for both, it highlighted the strength of North Melbourne industrial market.  ICR Property Group selling agent, Raff De Luise, negotiated the deals.

Australian Property Review, December 2009