Robin Khuda buys two Melbourne sites for new business
Airtrunk founder Robin Khuda has snapped up two investments with development upside each side of Melbourne’s CBD.
Via a new business, Onterra, the executive is speculated to be paying $30 million for 634-636 Wellington Road, Mulgrave – an office/warehouse on 1.68 hectares, zoned Mixed Use, abuts established residential neighbourhoods to three sides.
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, a commercial real estate developer with a focus on small industrial and office projects in infill suburbs, has paid $24.5m for an ex-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 with a childcare centre and gym – part of 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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