Centennial, Terraplex trade Melbourne industrial assets
Terraplex has bought a major four-warehouse industrial investment in Melbourne’s north with plans to sell it down for a profit.
The 3.6 hectare asset, 17-39 Freight Drive, Somerton, cost $42.5 million from Centennial.
The improvements contain 21,400 square metres.
It was offered fully leased with rental guarantees – the annual return is $3.1m.
Terraplex, backed by Anthony Wilson, will hold the property in the a single asset fund backed by private investors: the Freight Drive Industrial Opportunity Fund.
The four properties will be sold down over the next 12 months – “a strategy aimed at breaking up the asset to extract higher aggregate value,” it said (continues below).
Sell down planned
Coincidentally, Centennial assembled the asset in four parts between 2021 and 2022 – outlaying a total $35.2m:
- 17–21 Freight Drive — $8.79m
- 25–27 Freight Drive — $8.66m
- 29–33 Freight Drive — $9.03m
- 35–39 Freight Drive — $8.72m
It was represented for the on sale by Cushman & Wakefield’s Chris Jones.
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