This article is from the Australian Property Journal archive
EXCLUSIVE: AN industrial supersite a stone’s throw away from the prestigious Commonwealth Golf Course has changed hands, delivering a massive $42 million windfall for the Taiwanese vendor, who bought the site only a year ago.
Investment management company ITG Australia TS Mid Ltd, headed by James Donnan and Andrew Cannane, acted as trustee to purchase 92 Carroll Road and 41 Cleeland Road in Oakleigh South from Taiwanese conglomerate Synnex.
It is understood that the deal was handled off the market, without any agents involved, according to industry sources.
The property has sold for $50.3 million (excluding tax).
The purchase price represents over a 15% premium to the book value of the property, which was independently assessed by two valuers, at around $43-$44 million.
The sale will deliver a capital gain of $42 million for Synnex which acquired the site from a subsidiary company Fortune Ideal for $8.3 million in May last year.
The sale price was simply too good to refuse and Synnex decided to cash in for the massive windfall as the property is no longer part of its core portfolio, since entering into a $78.95 million contract with Vaughan Constructions for a new $130 million larger purpose-built HQ and distribution centre at Oakleigh South.
Synnex also acquired another logistics centre in Lidcombe in Sydney’s west for $70.902 million in May last year.
Located approximately 14km from the CBD, the Oakleigh South property comprises a land area of 40,468 sqm. It has served as Synnex’s head office and distribution centre, employing around 300 people.
The properties stand back to back with the larger site at 92 Carroll Road and smaller 1,300 sqm on 41 Cleeland Road.
It is located within a small industrial pocketed, surrounded by residential and the Commonwealth Golf Club.
Photo: Google Maps
According to the sales contract, the property transfer is expected to be in the third quarter of 2025.
