Aliro snares neighbouring Chipping Norton sites
Aliro has quietly snapped up two neighbouring Chipping Norton industrial investments for their development upside.
The 4.91 hectare holding incorporating 24 and 30-40 Alfred Street is costing $60.5 million – or $1232 per square metre.
A logistics focused business park is planned with construction to occur in stages over the next five years, as various tenancy agreements end.
LJ Hooker Commercial’s Ryan Jennings brokered the off-market sale late last year on behalf of two occupiers.
Chipping Norton is about 27 kilometres south west of Sydney.
Aliro expands
Established in 2017 by Charter Hall co-founder David Southon and former Orica head of property, Danie Wise, Aliro has been an active buyer during the COVID period.
At Caringbah, in Sydney’s south, the group’s is planning a major mixed-use village at Toyota’s former sales and marketing office and parts distribution centre – a 12.75ha site it bought from the car maker for $187m in 2020 for its Industrial Value Fund.
Last quarter, in Melbourne, the manager purchased a fully leased Dandenong South warehouse and a part-developed business park at Laverton North.
At Geebung, south of Brisbane, Aliro also recently picked up an industrial investment on 9.1ha, again, for its development upside (story continues below).
Value burst
Mr Jennings said the Chipping Norton deals were two of only a handful of large scale infill transactions in the city’s south west last year.
“There’s no stock of scale in the market and investors are actively seeking off-market opportunities to realise their plans,” according to the agent.
“With increased demand from the e-commerce sector and limited sites available, south west infill locations such as Chipping Norton are now in the spotlight more than ever,” he added.
“The [Aliro] site benefits from proximity to arterial roads and key infrastructure making it a strategic location to cater to future demand from ‘last-mile’ industrial occupiers.
“Alfred Rd offers excellent access to the M5, Henry Lawson Drive and the Moorebank Intermodal.
“Liverpool CBD is less than a 10-minute drive away, offering further amenity.
“The strategic acquisition by Aliro comes as the region – like other industrial corridors – recorded an uplift in prices amidst the pandemic,” the agent said. “LJ Hooker Commercial’s recent Industrial Market Monitor predicted the trend to continue: prime values could rise by 21pc to mid-2024 while secondary could increase by as much as 17pc”.
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