Airtunk founder buys two major Melbourne sites
Airtrunk founder Robin Khuda has snapped up two investments with development upside each side of Melbourne’s CBD.
In the priciest deal, the executive’s new Onterra business is speculated to be paying $30 million for 634-636 Wellington Road, Mulgrave – an office/warehouse on 1.68 hectares, zoned Mixed Use.
JKD was the seller following an off-market deal; it paid Officemax $11.25m in 2019 with a leaseback.
The property contains 9750 sqm – an above-average 21 per cent (2008 sqm) of which is offices – and 143 car parks.
Spotswood sale
Meanwhile, Onterra has paid a consortium including Sector Property Group’s David Loakes $24.5m for a former Toll backed facility beside the West Gate Bridge.
At Spotswood, 20-42 Simcock Avenue, contains extensive hardstand offering straightforward development upside.
The property failed to sell in 2021 when the guide was $19m-plus.
And Property’s Bryce Payne brokered the latest deal.
Onterra will hold the properties with a west Sydney quick service retail development site – 221 Bringelly Rd, Leppington – bought mid-year from Isaac Property Developments for $20.5m (continues below).
Onterra, Ondas build books
Mr Khuda banked c$670m last year selling Airtrunk to Blackstone for $24 billion.
The executive has since 2021 maintained another development business, Ondas, for residential projects.
In Melbourne, this entity controls St Kilda sites, expected to make way for residential based mixed-use product.
In June we reported Ondas acquired an under-utilised Mosman, Sydney, apartment block.
Mr Khuda also recently co-purchased Double Bay’s Piccadilly Court office and retail complex, from Aussie Home Loan founder, John Symond.
Last month meanwhile, the executive committed to the penthouse floors of a prominent Dexus office for Sydney based Airtrunk’s maiden Melbourne headquarters.
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