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The ANZ Rabinov Property Management has purchased a 14,000 square metre distribution facility in the western suburb of Derrimut, leased to tyre manufacturer Bridgestone Australia, in a deal worth an estimated $16 million.
The property, which was bought off-market, will be plugged into the group's ANZ Rabinov Property Trust.
“It fit our criteria down to the ground,” Ronald Serry, managing director of the Rabinov Trust, said. “It’s a single-tenanted building on a long-term lease with fixed annual increases.”
Located at 365 Fitzgerald Road, less than half a kilometre from the Western Ring Road, the property includes a two level office and showroom, an attached distribution warehouse and a freestanding warehouse on 29,860 square metres of land, with additional space available for expansion.
Bridgestone Australia has a 12.5 year lease over the site, and the final price for the deal will be fixed depending on the rent as of June 30th.
"We are delighted to have secured another property for our portfolio that fits with our investment criteria," said Mr Serry. "This comes less than a month after we entered into a joint venture arrangement with ANZ and we believe that this is a positive sign for the future of the ANZ Rabinov Property Trust."
With the success completion of the latest acquisition, ANZ Rabinov Property Trust will have more than $250 million in assets under management across 17 Australian properties.
In other recent deals, it was reported this week that Marksx Property Group will pay close to $55 million for a 78 hectare development site in Truganina in Melbourne’s west. It plans to find a joint venture partner to develop an industrial estate.
Late last year MPG sold a 42.5 hectare industrial site in Derrimut to Australand for $32.5 million.
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