VAUGHAN Constructions has won the contract to develop Cabrini Linen Service’s new four star green star $30 million laundry facility at the Logis Eco Industrial Estate in Dandenong South.
Cabrini Linen Services, a division of Cabrini Health, will use the facility for the laundering of linen from all of its Victorian hospitals as well as servicing hotels and the hospitality industry throughout the state.
The Cabrini project has been pre-sold to an undisclosed private investor, following an off-market private placement campaign, run by CBRE Victorian managing director Matt Haddon and colleague Rory Hilton.
Haddon said the prime location and reputation of the developer, together with a long term lease to Cabrini Heath, generated strong interest in the investment market and attracted offers from a range of investor profiles.
The purchaser’s representative, David Ryan from DBR Property Services commented that this was a rare opportunity to secure a quality off market investment with a well-balanced long lease and strong covenant.
“We have been actively canvasing the market nationally for an acquisition of this size for the past 12 months and have found it increasingly difficult to identify quality opportunities like this in the retail sector, where we are traditionally placed,” he added.
Vaughan commenced construction of the 9,000 sqm facility, which will become fully operational by mid-2013.
Vaughan Constructions joint managing director Ken Vaughan said although competition was fierce for new projects, client where noticeably focusing on value for money solutions and contractor financial stability from builders.
Property Review
