THE CVC Property Fund has sold a development site at Knoxfield in Melbourne’s south-east for $31.5 million.
The sale represents a premium the carrying value of $29 million.
The fund said proceeds from the sale will be used to reduce the outstanding debt facilities.
The property was sold by Colliers International industrial national director Tony Iuliano.
Located at 1464 Ferntree Gully Rd, the 2.89ha site adjoins the new Woolworths hardware store and is opposite the Bunnings Warehouse store.
Earlier this year a development application was submitted to transform the site into a Woolworths ‘Oxygen’ home improvement store.
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