This article is from the Australian Property Journal archive
CHARTER Hall's Diversified Property Fund has bought a portfolio of industrial leasehold investments in the new Melbourne Airport Business Park for $10.65 million.
The three modern office/warehouse facilities are located at South Centre Road and Jets Court in Tullamarine and comprise a 5,000 sqm stand alone office/warehouse building leased to Bax Global with seven years remaining on their initial lease.
There is also a separate facility comprising two adjoining office/warehouse properties of 2,400 sqm and 3,000 sqm leased to Jets Transport and Gibson Freight, with the portfolio having a weighted average lease term remaining of 5.7 years.
The latest acquisition reflected an initial yield of 8.4%, and a capital value rate of $1,018 per sqm on a combined basis.
DPF’s executive director Cedric Fuchs DPF’s portfolio provides excellent diversification, a very long WALE of approximately 11.7 years and strong rental growth prospects.
The acquisition increases DPF’s Victorian weighting to approximately 26% over nine office, industrial and retail bulky good assets valued at approximately $108 million.
The Tullamarine assets were negotiated by Colliers International agent, Tony Iuliano.
Australian Property Journal
