Aliro Group has snapped up a prominent Tottenham industrial site from Cadence with plans for an 84,000 square metre logistics park.
The 14.3 hectare block, 427-451 Somerville Road, previously sold for $31.3m in 2018.
Aliro has paid $70.7m – with one of the warehouses now complete.
The buyer will hold the asset in the Industrial Value Fund, which last year paid $187m for the ex-Toyota national sales and marketing headquarters, at Woolooware Bay.
Three weeks ago, the investor pre-committed Bunzl Australasia to the proposed $200m Elevation at Greystanes estate, at Pemulway, being developed with ISPT.
Site suited for logistics operators
The Tottenham asset includes a new 9310 sqm warehouse (pictured, top) designed with four tenancies (story continues below).
A second development stage will begin next month.
The business park should be completed in the second half of next year.
“The site offers unparalleled access to Port Melbourne, the CBD and high density residential, making it an attractive location for e-commerce and last-mile users as well as traditional freight and logistics operators,” the buyer said of the acquisition.
Aliro was established in 2017 by Charter Hall co-founder David Southon and Daniel Wise.
Subscribe to our newsletter at the bottom of this page.