This article is from the Australian Property Journal archive
LOGOS is understood to have acquired the future Amart Furniture distribution facility in Melbourne’s western industrial hub of Truganina for $68.5 million, within weeks of the pre-commitment deal being struck.
Amart agreed to a 10-year lease with Goodman Group in April over a 48,770 sqm purpose-built facility on Leakes Road and Logistics Drive, which will be built on a 10-hectare site within the Connectwest Industrial Estate.
Completion is scheduled for 2020. Amart will retain is head office in Brisbane’s Rochedale.
The sale of the site comes in at an initial yield of 5.25%, while the rental agreement includes fixed annual rental reviews of 3%.
Logos has collected multiple sites in the suburb, which included a shopping spree last year in which it picked up the Kmart distribution centre from US funds manager Invesco for $119 million at a 5.45% yield.
That quickly followed the purchase of a 27.5-hectare development site on Palmers Road for circa $28 million, on which it intends to build a 160,000 sqm logistics estate worth up to $250 million, as well as a $15 million existing facility on Infinity Drive.
The booming suburb has recently attracted transport company Secon, which has committed to a new 21,000 sqm facility on a nine-hectare site within private developer Berton Investments’ 64-hectare Truwest Industrial Estate.
Meanwhile, GPT has just launched a new 140,000 sqm industrial facility with an end value of $200 million, on a 15-hectare site that it purchased earlier this year, and is next to an eight-hectare site it also recently bought.
In March, electrical and lighting company Arlec committed to a 10-year lease with Frasers Property Australia at West Park Industrial Estate for a new national distribution facility of 28,220 sqm with an end value of $38 million.
Australian Property Journal
