Wednesday, 28th August 2019
New South Wales
Marsden Park Logistics Estate Development (AFR)
Industrial property investor LOGOS has secured a deal for development of a warehouse and office facility for a BlueScope subsidiary at its Marsden Park Logistics Estate in Sydney’s West.
The estate, which is held in a LOGOS-run partnership established five years ago, will have an end value of $230 million when fully developed.
Bluescope's Orrcon Steel will relocate its Sydney operations to the 16,000m² facility, which marks the second stage development at the logistics estate.
Stockland’s Parallel Deals (AFR)
Stockland have confirmed the purchase of the remaining 50% stake in Sydney’s 4800m² Piccadilly Centre at 210 Pitt Street, Sydney NSW, 2000 from Oxford Properties for $347 million. Stockland had a pre-emptive right to bid on the remaining stake of Piccadilly which Oxford had put on the market as part of its extensive divestment of office towers from the holdings of the formerly listed Investa Office Fund which the Canadian group took over last year.
Not far away, Stockland have also sold off its stake in 135 King Street, Sydney, NSW 2000 and the Glasshouse shopping centre for $340 million to the unlisted Investa Commercial Property Fund, who took up their pre-emptive right over the asset. The property is a 25-storey A-grade office tower as well as the three-level Glasshouse shopping centre fronting Pitt Street Mall. Stockland acquired its 50 per cent share in 2003.
Dandenong South Deals (AFR)
The 1950m² industrial property at 25 Darby Way, Dandenong South, VIC 3175 that is leased to Trelborg Wheels until 2021, has sold for $3.7 million ($1,897.44/m²). The net annual income for the property is $181,066 ($92.85/m²)
Another 1950m² industrial property at 18 Darby Way, Dandenong South, VIC 3175 has been purchased by a private investor for $3.725 million ($1,910.26/m²). The property is leased to West Dairy at passing annual rent of $197,527 ($101.30/m²).
E-commerce Leasing Deals (AFR)
eStore Logistics, an ecommerce fulfillment company, has agreed to 35,000m² of new leasing deals with Dexus and Goodman Group.
One of the deals is for 26,000m² of space at 8 Felstead Drive, Trugania, VIC 3029 within Dexus’ Foundation at Trugania Estate on a long-term deal. Dexus has hired construction firm Qanstruct to build the distribution centre and head office for eStore, which is expected to be completed in mid-2020.
eStore have also secured a five-year lease for 8383m² in Goodman’s West Industry Park estate at 16 Vulcan Drive, Truganina, VIC, 3029. The group will commence operations immediately.
Rent details were kept confidential though a Savill’s report reveals average rents for similar properties in the area is around $78/m².
Melbourne Data Centre Purchase (AFR)
Listed Singaporean property player Wing Tai has purchased a 10,000m² data centre in the Tally Ho Business Park at Wesley Court, Burwood East, VIC 3151 for $50 million ($5,000/m²) approx. from a private Singaporean investor.
The centre is leased to DXC Technology and the deal was sold off-market on a yield around 6.5%
South Melbourne Office Sale (AFR)
Recom Mortgages have sold 1369m2 of office space at its three-level office building at 100 Park Street, South Melbourne, VIC 3205 for $8 million ($5,843.68/m²) at auction.
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