Design and construction of a new temperature controlled logistics facility for Montague Cold Storage. Gibb Group worked closely with renowned D&C builder Qanstruct and their long term client Montague to arrange the required structures and end fund through of the proposed development. The project reached Practical Completion In late October 2014.
- Gibb Group worked with joint developers Montague and Qanstruct for a period of about two years to help bring this project to fruition which saw Montague enter a 20 year double net lease for the proposed facility.
- Working as Development Manager, Gibb Group effectively structured the transaction, negotiated all legal documents required, marketed the end investment product and secured a take out on a fund through arrangement with Australian Fund Manager CorVal. The project was placed for circa $47.6m at an initial yield of 8.1%.
- The development comprises a new 16,960sqm temperature controlled warehouse set on some 9.17 Ha of vacant land, designed to cater for Montague’s future growth which is anticipated to see a circa 50,000 sqm freezer facility developed.