MICKLEHAM - $73.5 million
The Dexus Australian Logistics Trust (in which Dexus holds a 51% stake and GIC the balance) have splashed out $73.5 million for an 8.8 hectare distribution centre at the Merrifield Business Park, in Melbourne’s northern suburb of Mickleham.
The site will feature a 50,580sqm warehouse with a 14.6 metre clearance height and super awning; as well as a 900sqm office, café and a large staff car park. Ford Australia has committed to an initial 10 year-term, with the sale taking place after the car manufacture’s pre-commitment.
CBRE’s Daniel Eramo and Dean Hunt managed the deal.
TRUGANINA - $34 million
A farm with plans for a state-of-the-art industrial estate in Melbourne’s west has been scooped up by GPT Group for $34 million.
Located in 865 Boundary Road in the ever-growing Truganina, the 32.7 hectare property will make way for a new business park, with GPT intending to promptly launch a marketing campaign to acquire tenants.
Lemon Baxter’s Craig Rowe and Paul Sullivan handled the sale.
FOOTSCRAY - $11.5 million
The Agosta family has divested its Footscray Nino Early Learning Adventures Centre for $11.5 million, a move representing Australia’s first childcare centre sale to top $10 million this year.
Located at 282-288 Geelong Road, the multi-level state of the art facility is the newest centre under the Nino Early Learning Adventures brand, having been completed in the past month. The property comprises a building area of 2,228sqm and includes basement car parking for 25 vehicles.
CBRE’s Josh Twelftree and Jimmy Tat negotiated the sale, with Mr Twelftree noting that the sale was the second major childcare investment transacted in 2020 across Australia, with the first having been transacted by the team only two weeks ago in Oakleigh East, Victoria, for $8.08 million.
“These results are the catalyst for buyers flocking to the sector during these uncertain times, with childcare – an essential service investment – continuing to transact.”
PRAHRAN - $3.3 million
A 712sqm residential block in Melbourne’s sought-after Prahran has traded from local investor to local developer for $3.3 million.
Located at number 13 High Street, the property presents a single storey brick dwelling and carport; it was put on the market with plans for a 15-apartment residential development. The campaign proved hotly contested with 128 enquiries and five serious offers.
Melbourne Acquisitions' Dominic Gibson and James Latos managed the sale.
New South Wales
MINTO - $207 million
Charter Hall has acquired a 30.6 hectare investment property in Sydney’s south western suburb Minto through their Prime Investment Fund (CPIF) for $207 million.
Located on Culverston Road the property is currently used as a car distribution centre and was sold fully tenanted to four groups: CEVA Logistics, Dial A Tow, Mazda and PrixCar. The property was also sold with State Significant Development Approval allowing up to 112,000 square metres of warehousing.
Charter Hall Industrial and Logistics chief executive officer, Richard Stacker, said “the property presents a unique opportunity to acquire a rare 30.6 hectare benched, serviced and zoned industrial development site in a core Sydney industrial precinct, with a staggered lease profile which provides holding income and enables a potential stage build out into a key logistics and intermodal facility.”
“The construction of Sydney’s second international airport at Badgerys Creek, major Federal and State Government infrastructure spending in Western Sydney and the streamlining of supply chains continues to drive the demand for well-located logistics facilities in Western Sydney.”
GREENACRE - $100 million
Following its recent Mickleham acquisition, the Dexus Australian Logistics Trust has again invested in premium industrial investments, this time in Sydney’s south-west for $100 million.
Located at 37-39 Wentworth Street in Greenacre, about 13 kilometres south west of Sydney, the four hectare facility comprises of a 19,246sqm cold store and ambient complex leased to two occupiers, Real Dairy and Tomkin. There is also a 5,950sqm tract set to be developed.
Gavin Bishop and Sean Thomson of Colliers International handled the sale.
SURRY HILLS - ~$2.5 million
CPlusC Architectural Workshop Pty Ltd has snapped up a vacant, freehold mixed-use building in Sydney’s East from a private investor for under $2.5 million, reflecting a significant building rate for vacant City Fringe assets.
Located at 466 Cleveland Street, Surry Hills, the two-storey property offers a net lettable area of 182sqm (including 36sqm outdoor terrace) on a 147sqm site and is fitted with a commercial kitchen, grease trap, cool room and exhaust. It was sold with a DA for a dental practice and the building will benefit from the new Light Rail being constructed along Devonshire Street, connecting the East to Central Station and the CBD.
The property sold by Ollie Ridley, Nick Lower and Selin Ince of Savills Australia.
SEFTON - $1.011 million
An owner occupier has paid $1.011 million for 650sqm of industrial land at Sefton in Sydney’s west.
Located at 80 Carlingford Street, the IN1-zoned site currently incorporates a derelict home, however was presented to the market with potential to develop a freestanding industrial building of circa 450sqm subject to the relevant planning approvals.
CBRE’s Robert Dowdy negotiated the auction sale.
BANYO - $7 million
A private investor has purchased a 2,900sqm industrial facility at 457-459 Tufnell Road, Banyo in Brisbane’s north from a Melbourne Family for $7 million.
This modern warehouse is home to the Queensland University of Technology’s (QUT) Pilot Plant Research Facility, leased on a new 5-year term. QUT originally moved into the building on a 10 year lease in 2010 and have invested heavily in the building over the lease term to ensure the asset meets the requirements of the University, and subsequently recently exercised their option for a further 5 year period commencing in May 2020.
Gregory Woods and Callum Stenson of Savills Australia negotiated the deal.
SOUTHPORT - $4.55 million
A Gold Coast Hoppy’s Carwash at 92 Ferry Road in Southport, has sold for $4.55 million. The asset offers a 1,607sqm land area with 204sqm of floor area and provides a triple net lease worth $260,000 pa over 10 years.
Ray White Commercial’s Ryan Langham and Thomas Clark sold the property off-market.
PORTFOLIO; SA, VIC & NSW - $214 million
Charter Hall continues is spending spree, acquiring three warehouses from Owens-Illinois Australia for a total of $214 million.
Two of the new owner’s funds are involved in the sale and leaseback; the Charter Hall Prime Industrial Fund (CPIF) and Charter Hall Direct Industrial Fund No.4 (DIF4).
CPIF has acquired two properties, 617-625 Port Road, West Croydon in Adelaide and 21 Simcock Avenue, Spotswood, in Melbourne for a total of $126 million, whilst DIF4 has acquired 130-170 Andrews Road, Penrith in Sydney for $88 million. As part of the sale and lease back agreement, OIA will continue their occupation of all three properties with a 20 year triple net lease, with fixed 3.0% annual rent reviews.
The Portfolio has a site area of 318,340sqm and 146,000sqm of Gross Lettable Area (GLA). The assets comprise three glass manufacturing plants and warehousing facilities. OIA is the leading manufacturer of glass for the Australian food and beverage industry with clients including CUB, Asahi/Schweppes, Lion, Simplot, and Bega.