David Southon and Daniel Wise’s Aliro Group has snapped up another Melbourne industrial investment, this time at Dandenong South.
The 2.42 hectare property, 269-271 Frankston-Dandenong Road, set the buyer back $19.18 million.
The deal reflects a major windfall for the seller, Kras Levy Super Custodian Pty Ltd, which paid Quintessential Equity $7.2m in 2015.
That seller acquired the asset for $4.55m three years earlier with a leaseback to electric cable supplier Tycab Australia.
Aliro bolsters Melbourne portfolio
Developed in 1970 and upgraded in 2004, the Dandenong south investment contains 8227 square metres of lettable area.
Quintessential added a storage shed in 2014 – at which time it renewed Tycab to a 14 year lease (story continues below).
The latest sale comes three months since Aliro paid Cadence Property Group $70.7m for a part developed 84,000 sqm industrial estate on 14.3ha at Tottenham, in Melbourne’s inner west.
In 2018, group paid outlaid $12m for a modern office/warehouse at 119-121 William Angliss Drive, Laverton North, recently leased to Pact Group Holdings.
The Sydney based company also recently constructed two adjoining factories with a total of 17,532 sqm within Goodman’s Connect West Industrial Estate at Truganina.
In its home city, the developer and investor last year paid Toyota $187m for its outgoing Woolooware Bay sales and marketing headquarters, at Caringbah, with plans for a major mixed-use project including a hotel, retail and offices.
Aliro was established in 2017.
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