realestatesource https://www.realestatesource.com.au/ Commercial and residential property news Mon, 18 Mar 2024 11:08:13 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png realestatesource https://www.realestatesource.com.au/ 32 32 Old, new Melbourne childcare centres secure tenants https://www.realestatesource.com.au/old-new-melbourne-childcare-centres-secure-tenants/ Mon, 18 Mar 2024 09:49:42 +0000 https://www.realestatesource.com.au/?p=72284 Two northern suburb childcare centres – one developed in 1999 and the other, under construction, have found tenants. In Mill

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Also today we are reporting Singapore’s Kinderland leased a Box Hill facility.

Two northern suburb childcare centres – one developed in 1999 and the other, under construction, have found tenants.

The Mernda facility, under construction on 8000 square metres.

In Mill Park, 18 kilometres from town, a 1760 square metre facility at 156 Centenary Drive (pictured, top) has found favour with Little Stars Early Learning and Kinder, which offers age 6-plus services.

The initial lease term is 10 years, with multiple options.

The already modern building will now be further upgraded with a repaint, new floors and lighting.

The property also contains 19 car parks.

Little Stars will replace Goodstart Early Learning, which consolidated to Centenary Drive from two locations.

It will be the group’s first northern complex; it trades at Cranbourne, Endeavour Hills and Noble Park, in the south east, and Melton, in the west, too.

The business also controls a Shepparton facility.

Mernda pre-commitment

Meanwhile at Mernda, Happy Sprouts Learning has pre-committed to a 127-place facility under construction at 1325 Plenty Rd – part the old Mernda Primary School and before that, Plenty State School (story continues below).

The Mernda facility, licensed for 127 children.

The tenant is paying starting annual rent of $531,000, or $4181 per child, for the 1781 sqm complex (of which 1162 sqm is internal area).

The site spreads 8000 sqm, with some c3000 sqm acting as another play area, or camping zone, in a growth corridor suburb, 26km north of town.

Happy Sprouts Learning is also set to open a Beveridge facility, at 8 Malcolm St (37km north of the CBD), to accompany its established centre at Craigieburn (25km).

Year of the childcare centre lease

CBRE Healthcare and Social Infrastructure’s Sandro Peluso, Jimmy Tat and Marcello Caspani-Muto were the Mill Park and Mernda agents.

The same brokers also this week secured Singapore’s Kinderland to Golden Age Group’s $435m Sky Square, at Box Hill.

Earlier this month, meanwhile, they listed for lease a penthouse childcare centre, once an Australian Taxation Office tenancy, in north west Moonee Ponds, behind the Puckle St retail strip.

The 6-22 Gladstone Street tower, with CBD view security, was purchased for $126m last year by Sydney’s Marshall Investments, then refurbished and rebranded MPHQ.

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Singapore childcare giant commits to $435m project https://www.realestatesource.com.au/singapore-childcare-giant-commits-to-435m-project/ Mon, 18 Mar 2024 08:30:53 +0000 https://www.realestatesource.com.au/?p=72281 Singapore based childcare giant Kinderland Early Learning has leased a high profile centre, part of Golden Age Group’s $435 million

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Also today, we are reporting local groups leased two northern suburb childcare centres.

Singapore based childcare giant Kinderland Early Learning has leased a high profile centre, part of Golden Age Group’s $435 million Sky Square project, at Box Hill.

The arm of Kinderland International Education has signed up for the 519-525 Station Street tenancy – 878 square metres of internal area with an 812 sqm terrace and 10 car parks – for an initial 15 years.

Sky Square contains 20,000 square metres of commercial space.

Starting annual rent is $545,700 or $5100 per child (it is licensed for 107 clients).

The facility is expected to be the group’s local flagship.

Fourteen kilometres east of town, Box Hill, following a building boom in recent years, is considered ‘Melbourne’s second city’, replacing a title for decades held by Dandenong, 35km south east of the CBD.

Kinderland expands in Australia

Established in 1978, KIE also operates in Bangladesh, Cambodia, China, Indonesia, Malaysia, as well as in its home town; its portfolio includes over 120 centres.

In Australia, it has been in a partnership with Bright Early Learning since 2011; it controls one complex, spreading 560 sqm with 71 places in six classrooms, at Glen Waverley (story continues below).

Sky Square has an end value of $435 million.

The Box Hill centre forms part of a 20,000 sqm three storey podium also with retail and restaurants, all of which has been seeking tenants while under construction last year.

A swank penthouse childcare centre in Moonee Ponds recently hit the rental market.

Two 17 levels towers with a total 435 apartments – worth a speculated total of $360m – sold last October to build to rent outfit Local.

“With the government’s support for the chilcare sector increasing and the demand for early education growing, international operators are viewing Australia as an opportunity to introduce their unique curriculum to the country,” CBRE leasing agent Jimmy Tat said.

“The early learning leasing market is strengthening as consistently reducing supply continues to drive demand across the country,” co-agent Sandro Peluso, added.

Marcello Caspani-Muto also acted for Golden Age Group, directed by Jeff Xu.

The deal comes a fortnight since the agency listed a penthouse childcare centre, an ex-Australian Taxation Office tenancy, in north west Moonee Ponds.

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Another ‘hot’ Centrelink trades off-market https://www.realestatesource.com.au/another-hot-centrelink-trades-off-market/ Mon, 18 Mar 2024 05:14:46 +0000 https://www.realestatesource.com.au/?p=72271 The investor who paid $8.875 million for a large, freestanding Centrelink office on 1.72 acres in the Central Coast town

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Centrelink Tuggerah (outlined), on 6963 square metres.

The investor who paid $8.875 million for a large, freestanding Centrelink office on 1.72 acres in the Central Coast town of Tuggerah, in 2016, has sold it for a premium following an off-market deal.

The recently modernised 14 year old, 2750 sqm building, with 102 car parks at 10 Teamster Close (pictured, top), is trading this time for $11.925m.

With another private investor, the negotiation reflects a seven per cent capitalisation rate; settlement was earlier this year.

Leiba Commecial’s Marc Leiba was the agent.

The sale comes five months since we reported an 1813 sqm Centrelink on 3537 sqm at Port Adelaide traded for $9.5m – a c5.5pc yield.

In 2021, an office rented to the DHS-backed group in Ballina, New South Wales, fetched $6.7m.

Coincidentally, both investments sold after off-market deals.

Four years ago meanwhile MPG acquired Centrelinks in Victoria, at Moree and Morwell.

It also bought an office leased to that occupier that year in Brisbane’s Logan.

Essential services still “hot”

Proving the “recession proof” and “hot” claims in recent years given to the sector by amongst others, agents, valuers, developers and investors, essential services backed investments continue to find favour with private investors and, for higher priced properties, high net worth individuals and families, syndicates and funds (story continues below).

The Tuggerah building contains 2750 square metres.
The Teamster Close asset with 102 car parks.

“Despite the continued uncertainty that the commercial property market is experiencing due to the interest rate environment, single tenanted government anchored properties are still highly sought after by a number of investors,” Mr Leiba, who also marketed the Ballia, Moree, Morwell and Logan assets, said.

Wyong is c100 kilometres north of Sydney’s CBD.

Renovated, relet

Servicing a large catchment, including the Wyong Shire specifically, with c171,000 residents, Centrelink Tuggerah is near the train station, Westfield, a Bunnings and homemaker centre.

The outgoing landlord recently secured the tenant for five years after agreeing to undertake some upgrades.

The incoming owner will therefore be able to claim depreciation allowances for tax.

Centrelink has occupied since the building was developed.

“Whilst the [Tuggerah] property is anchored to the government on a long term, it sits on a larger corner site surrounded by other well established commercial businesses so it would suit alternative uses in the longer term,” Mr Leiba said.

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A-grade office tower full following retail deal https://www.realestatesource.com.au/a-grade-office-tower-full-following-retail-deal/ Mon, 18 Mar 2024 03:03:36 +0000 https://www.realestatesource.com.au/?p=72266 GMHBA has leased the balance of a near new office it co-owns with Quintessential. The healthcare group will open a

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The nine level Geelong asset is now full.

GMHBA has leased the balance of a near new office it co-owns with Quintessential.

GMHBA owner-occupied former buildings between 60-88 Moorabool Street. Image: Google Street View.

The healthcare group will open a medical centre in the 770 square metre ground floor space at 60-78 Moorabool Street, on the south west corner of Corio, also facing Gore Place, Geelong.

KMPG’s Geelong tenancy.

Offering dental, eye care, medical and physiotherapy services – and access to private health insurance – the Geelong Hub, as it should be known, is scheduled to open after the third quarter.

It will be a case of history repeating, with the nine level, A-grade office completed in December, 2021, replacing a row of double storey buildings GMHBA owner-occupied, which made way for the tower.

The landlord leases three levels within that skyscraper, penned by Cox Architecture.

No vacacy after history repeats deal

GMHBA, which has its roots to 1934 as the Australian Cement Company’s Cement Workers Hospital Benefits Scheme – was known for 42 years until 2000 as the Geelong Medical and Hospital Benefits Association.

With the not-for-profit’s agreement for the ground floor space, and another new deal, with IAG, for offices, the 10,856 sqm building is full (KPMG agreed to move in last year).

“We are delighted to have reached this significant milestone,” Quintessential general manager, Asset Management, Julian McVilly, said (story continues below).

The 60 Moorabool Street foyer.

“It is another illustration of the flight to quality we are seeing in the market,” he added.

“The [office’s] prime location and state-of-the-art facilities offer businesses a great environment, which will play a role in attracting and retaining talent in a growing market,” according to the executive.

Elsewhere in Geelong, Victoria’s most populated city after Melbourne, ID_Land, as part of a consortium, earlier this month purchased a Charlemont farm with plans for a traditional housing estate and land lease community.

Covering 15.65ha, that parcel is speculated to be costing well over $40m – a major uplift on the $18m the vendor spent last year.

Last year, Hamilton Group snared Newtown’s historic ex-Union Flour Mill for c$10m for a retail based project, while the Costa family acquired a high profile car park opposite Geelong Town Hall as a passive investment with long term development upside.

At $22.6m, that property cost 10pc over guide.

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ASX-listed giant buys into Melbourne accommodation building https://www.realestatesource.com.au/asx-listed-giant-buys-into-melbourne-accommodation-building/ Sun, 17 Mar 2024 19:04:43 +0000 https://www.realestatesource.com.au/?p=72232 Aspen Group Limited has purchased 81 student apartments near Deakin University’s Burwood campus. The Sydney based group is paying $8.11

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The c24 square metre Burwood dwellings are each costing $100,000.

Aspen Group Limited has purchased 81 student apartments near Deakin University’s Burwood campus.

The Sydney based group is paying $8.11 million, or $100,000 per dwelling, for the c24 square metre modern suites with a double bed, lounge/dining, kitchenette, bathroom and balcony.

They form part of a four level, 10 year old complex at 386 Burwood Highway, with 136 self-contained flats; the balance are owned by third parties.

The building also includes communal facilities: a reception area, library and laundry, storage and basement parking.

The block features an orchard garden too.

Seven offers came in following an expressions of interest campaign, CBRE’s David Minty, who marketed the property for a liquidator and funder with Nathan Mufale and Jing Jun (JJ) Heng, said.

The underbidder was a Singapore based investor, he added.

After agreeing to buy 386 Burwood Hwy last December, ASX-listed Aspen settled on March 1.

Elsewhere this month in Burwood, 17 kilometres east of Melbourne’s CBD, Ryman Healthcare opened a retirement village and aged care complex – part of its continuum of care model – on part of the ex-Brickworks site.

386 Burwood Highway

Abutting Camberwell, Burwood’s median house price is $1.48m, according to REA Group – 54pc higher than metropolitan Melbourne ($961,000).

The average unit in the suburb cost $855,000 – according to the group, for February, 2024 – 66pc more than across the city (story continues below).

Completed in 2014, the Burwood complex contains 136 units.

Some 28,000 staff and students attend the Deakin University Burwood campus, part of which is also accessed from Elgar Rd.

The communal laundry at 386 Burwood Highway.

Chadstone Shopping Centre is about six kilometres away.

The 386 Burwood Hwy parcel is zoned Residential Growth, permitted for student accommodation.

OC control, changes coming

Student Housing Australia leases the Burwood Hwy apartments on residential tenancy agreements lasting 12 months; the average rental is $270 per week.

SHA has also managed its units – though this will likely be assumed by Aspen.

The incoming owner will also control the owner’s corporation, with 61pc of strata entitlements, “for matters requiring resolution including property management”.

It is expected to look to buy more units in the complex – however, it might have to dig deeper – some of those dwellings have traded for up to $138,000.

A rebrand, possibly to Aspen’s CoVE or UniResort brand, is likely as well; the use is expected to stay student accommodation.

Aspen will fund the asset using equity.

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Sydney manager seeds fund with enormous Melbourne investment https://www.realestatesource.com.au/sydney-manager-seeds-fund-with-enormous-melbourne-investment/ Sun, 17 Mar 2024 18:59:42 +0000 https://www.realestatesource.com.au/?p=72227 A large, modern Melbourne industrial investment facing vacancy in two years has been bought by Centuria to seed a trust

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Frasers recently secured the Pratt family’s Kinrise to 78 Atlantic Drive.

A large, modern Melbourne industrial investment facing vacancy in two years has been bought by Centuria to seed a trust chasing counter cyclical product or to finance it.

The Centuria asset was developed in 2017.

The Keysborough property is setting the manager back $20.631 million – or some 40 per cent of a recent ($50m) raising from wholesale investors – for the Centuria Select Opportunity Fund.

Madad sold the Pacific Drive property on a c5.04 per cent net passing yield.

The entity’s life cycle is five years.

Sector Property Group’s The Base Oakleigh, one of Melbourne’s first multi-storey industrial projects.

Centuria will invest, considering all sectors, over the next 15 months.

It will also financially back opportunities by other parties.

A 15pc internal rate of return is expected.

CBRE’s Andrew Bell and David Aiello were the agents.

Madad Investments was the seller; the deal reflects a c5.04pc net passing yield.

The property forms part of Frasers Property Industrial’s The Key estate, where the Pratt family’s Kinrise recently committed to an office/warehouse for an initial three years.

CSOF seeded

On 1.94 hectares, 93-103 Pacific Drive contains a seven year old, 8745 sqm facility, occupied by hospitality equipment designer ISH design since 2018.

The office component spreads 500 sqm.

The warehouse, with a clearance up to 12.2 metres, has full drive around access and a 10m awning (story continues below).

Centuria and Morgan Stanley own Dandenong South’s new Southside estate.

Also fronting Perry Rd, the site contains 1500 sqm of hardstand and 86 car parks.

Centuria has quietly been amalgamating Wetherill Park sites.

“The short two year weighted average lease expiry provides a value-add opportunity to generate positive rent reversions in line with market asking prices today,” Centuria joint chief executive officer, Jason Huljich, said.

Under-rented: Centuria

Described as “under-rented” by Centuria, the building occupies 45pc of the site in a precinct with a sub one per cent industrial vacancy; longer term, multi-level product could be considered, Keysborough an infill suburb 27 kilometres south east of Melbourne’s CBD, abutting established commercial hubs, Dandenong and Dandenong South.

“The property also provides access to 1.5 million households within an hour’s drive time,” Mr Huljich said.

“We are looking at high quality assets that can provide value-add opportunities such as positive rental reversion,” he added, of CPOF.

“We are also looking at industries with strong tailwinds that lend themselves to supply-demand imbalances and growth opportunites,” according to the executive.

“The fund is also targeting direct and indirect investments that lend themselves to the capabilities of our inhouse real estate team, such as leasing, repositioning, refurbishment and development, as well as real estate credit opportunities.

“Centuria is co-investing alongside our wholesale investors because we believe in this high conviction investment strategy”.

The acquisition comes a week since we reported the manager was acquiring a Wetherill Park, Sydney, industrial amalgamation – to date worth c$107m.

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Investor snaps up central Indooroopilly pet store https://www.realestatesource.com.au/investor-snaps-up-central-indooroopilly-pet-store/ Sun, 17 Mar 2024 18:47:37 +0000 https://www.realestatesource.com.au/?p=72224 A double fronted retail investment near the billion-dollar plus Indooroopilly Shopping Centre has traded for $4.85 million. Despite the relatively

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The Petstock lease expires in 2027 with four per cent annual rent rises.

A double fronted retail investment near the billion-dollar plus Indooroopilly Shopping Centre has traded for $4.85 million.

Despite the relatively short term lease, to Petstock, expiring in 2027 with no options – 252 Moggill Road, Indooroopilly, traded on a 6.23 per cent net passing yield.

The agents marketed the asset, five kilometres south west of Brisbane’s CBD, as a “sub 6pc return” possibility – with 450 square metres of lettable area and new exterior signage, allowing some depreciation taxation benefits.

The tenant pays fixed annual rent rises of four pc.

Petstock is 55pc backed by Woolworths Limited.

The site spreads 810 sqm with nine car parks.

AMP Capital and Commonwealth Superannuation Corporation control Indooroopilly Shopping Centre, with 116,000 sqm including a 16-screen cinema, Coles, David Jones, Kmart, Myer, Target Woolworths and c320 specialty tenants (story continues below).

Land at $6k/psm

The result for 252 Moggill Rd prices the land, with development upside, at $5988 per sqm.

“The purchaser was attracted to the property’s high profile metro location, approximately five kilometres to the CBD and adjacent to the Indooroopilly Shopping Centre,” Stonebridge’s Thomas Proberts, who sold the PetStock with Michael Collins and Tom Moreland, said.

“These strong fundamentals allowed them to look past the relatively short lease term to 2027 with no further options,” he added.

Peter Tewksbury of Tewksbury Commercial also acted for the vendor.

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Hains family offload 10-bedroom Toorak mansion https://www.realestatesource.com.au/hains-family-offload-10-bedroom-toorak-mansion/ Sun, 17 Mar 2024 18:30:59 +0000 https://www.realestatesource.com.au/?p=72215 The Hains family has sold a high profile Toorak mansion after 13 months, a renovation and discount. The 10 bedroom

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The Albany Road home when it was listed last February.

The Hains family has sold a high profile Toorak mansion after 13 months, a renovation and discount.

The 10 bedroom c1941 Georgian Revival at 35-39 Albany Road is believed to have collected $38 million.

The Hains family reoffered the Toorak mansion after a revamp.

On 3611 square metres with a tennis court and pool, it was initially listed with $45m-plus price hopes.

A couple of months later it was relisted following a revamp and a revised guide: $39-$42.5m.

The deal comes nine months since businessman Nick Wakim outlaid c$61m for the Walker mansion, Huntingfield, at 55 Albany Rd.

Phoenix Lithium boss Nick Wakim recently outlaid c$73m for Huntingfield (outlined) and the dwelling next to it (right).

The businessman then quietly outlaid c$12m for a neighbouring home, on 867 sqm.

Last month, meanwhile, we reported a 3669 sqm amalgamation in the street, opposite Lindsay and Paula Fox’s Eulinya, traded for c$40m, again following an off-market deal.

Mr Wakim was again that buyer, it is speculated for his son, Alexander.

Little Milton, on 2476 sqm at #26, sold for $28m in 2022.

Next to that, on Whernside Avenue, the Alfasi family last April banked c$34m for a renovated family home on 2125 sqm (story continues below).

Sir Keith Murdoch once owned 35-39 Albany Road.

High profile owners

Designed by Geoffrey Summers for Helen Wood, the daughter of pastoralist Alexander Creswick, also the widow of Octavius, a Victorian Racing Club vet, 35-39 Albany Rd contains formal and informal living rooms and seven bathrooms.

The Hains family sold a Byron Bay beach house to Justin Hemmes last year.

Late businessman, investor and horse trainer, David Hains, and his wife, Helen, paid $108,000 in 1968; it was largely original when it was listed, with peach walls and carpets.

The home was previously owned by the Murdoch family (Sir Keith, Rupert’s father, lived there five years until his death in 1952) and before that, the UK high commissioner, Sir Robert Cross.

Marshall White’s Marcus Chiminello was the agent but Kay & Burton’s Andrew Sahhar is believed to have introduced the buyer.

Albany Rd is considered Toorak’s best followed by St Georges, Clendon and Irving.

Last February the Hains family sold a Byron Bay retreat to Sydney restaurateur Justin Hemmes.

David died last January, aged 92. More to come.

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Logistics group buys Melbourne warehouse after leasing campaign https://www.realestatesource.com.au/logistics-group-buys-melbourne-warehouse-after-leasing-campaign/ Wed, 13 Mar 2024 18:33:22 +0000 https://www.realestatesource.com.au/?p=72201 Cold Xpress Refrigerated Transport has bought a major Rowville office/warehouse – eight months after it was offered for lease. The

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The Wellington Road block abuts Eastlink.

Cold Xpress Refrigerated Transport has bought a major Rowville office/warehouse – eight months after it was offered for lease.

The tactical purchase of 780-800 Wellington Road comes seven years since the group outlaid $9 million for a nearby property (830 Wellington Rd) to occupy.

That holding spreads 2.7 hectares with an 8764 square metre building.

Its new asset covers 2.1ha with 8140 sqm of improvements.

The vendor paid $13m excluding GST in 2018 to occupy; prior to that, the property was leased to the AFL Store.

Colliers’ Richard Wilkinson and Jonathan Mercuri were appointed to find a tenant last August; the office/warehouse was the year’s only local 5000 sqm-plus rental offering, they said at the time. It became vacant in November.

800 Wellington Road

Rowville is highly regarded amongst industrial occupiers and investors with “very limited supply” according to Cushman & Wakefield’s Kosta Filinis, who sold 800 Wellington Rd in 2018 – the first time it had been offered in two decades (story continues below).

The site is high profile too, abutting Eastlink.

Cold Xpress director of operations Jack Di Losa said it will accommodate a state-of-the-art facility.

“This strategic move is all about expanding our capabilities to better serve our existing clients,” he added.

“It’s a testament to our resilience, determination and unwavering commitment to excellence,” according to the executive.

Rowville is 28 kilometres south east of Melbourne’s CBD.

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Salta sells c$230m Melbourne industrial site https://www.realestatesource.com.au/salta-sells-200m-melbourne-industrial-site/ Wed, 13 Mar 2024 18:22:26 +0000 https://www.realestatesource.com.au/?p=72200 Two years after picking up a major Melbourne industrial development site, Salta has sold just over half for an impressive

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ESR bought 590 and 620 Western Port Highway (outlined) in 2020.

Two years after picking up a major Melbourne industrial development site, Salta has sold just over half for an impressive capital gain.

Frasers recently secured the Pratt family’s Kinrise to a Keysborough estate.

ESR and Frasers Property Industrial, in an equal partnership, are the buyers; the 64.4 hectare parcel, 635S Hall Road, Cranbourne West, is speculated to be costing c$230 million.

A c$900m business park is planned with the pair expected to retain most product.

A portion is expected to be sold down as a subdivision.

The first buildings should appear in 2026.

GO Commercial Industrial’s Andrew O’Connell was the agent (story continues below).

Salta will retain the neighbouring 58.6ha property – known as 690 Western Port Highway – which it purchased with 635S Hall Rd, from Dacland and Leighton Properties, for a speculated c$170m.

More industrial product, potentially with an end value circling $1 billion, is expected for that block.

For ESR, the deal comes three years since it outlaid over $75m for a 78.8ha parcel in the suburb, 590 and 620 Western Port Hwy, presently making way for the Greenlink business park.

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