This article is from the Australian Property Journal archive
DEXUS Property Group has bought two industrial properties at Matraville for $46.1 million on an initial passing yield of 9.3%.
The properties at 2-4 Military Rd, Matraville comprises two modern fully leased industrial warehouses with weighted average lease expiry of 5.7 years.
Combined they have 30,000 sqm of net lettable area and are located in the key South Sydney industrial precinct, adjacent to Port Botany and close to Sydney Airport.
The acquisition after costs represents a yield of 8.8%.
Dexus’ head of industrial Andrew Whiteside said the acquisition is at less than replacement cost represents excellent value and offers future repositioning potential with associated value upside, at the right time in the cycle.
“This acquisition is consistent with our active repositioning of the portfolio to drive further value for our investors and deliver quality products for our tenants,” he concluded.
Propertyreview.com.au