Aliro Group has snapped up Pickles Auctions’ Geebung office/warehouse, and a neighbouring industrial property, as a value-add play.
The $67.75 million outlay reflects a 5.38 per cent yield.
JLL’s Tony Iuliano and Gary Hyland said an expressions of interest campaign for the 9.1 hectare holding, launched mid-year, attracted significant interest including from institutions.
Aliro was established four years ago by Charter Hall founder David Southon and Daniel Wise.
Earlier this month the group paid Cadence $70.7m for a part developed 14.3ha logistics park at Melbourne’s Tottenham.
In Sydney, the investor last year outlaid $187m for the ex-Toyota sales and marketing headquarters on 12.4ha at Woolooware Bay.
The Geebung holding
The biggest of Aliro’s new Geebung assets – 22 Ellison Road – is leased to Pickles Auctions until next month; on 5.7ha it contains 18,071 square metres of improvements including a modern two storey office.
The neighbouring property, 280-288 Bilson Rd – is majority occupied to Arrow Scaffolding which is on a rental agreement expiring in 2030.
Buildings, with 3765 sqm, occupy just 10 per cent of the 3.42ha parcel.
JLL marketed the holding for its potential to be repurposed as a higher density business park/industrial development (story continues below).
About 10 kilometres north of Brisbane, the pocket is walking distance to Sunshine station.
Aliro snares Pact at Laverton North
Meanwhile in Melbourne’s Laverton North, Aliro has leased Pact Group Holdings to a 10,408 sqm facility on 2.21ha at 119-121 William Angliss Drive.
The occupier, founded in 2002 by Raphael Geminder but managed since last year by Sanjay Dayal, will use the property as its Victorian Intermediate Bulk Container re-conditioning and re-use facility.
The initial rental agreement is for 10 years.
Mr Geminder’s wife, Fiona – Australia’s third richest woman – is the daughter of philanthropist Jeanne and the late Richard Pratt.
More to come.
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