Asset manager drops $15m for Melbourne warehouses
Lindum Partners, backed by Stamford Capital Investments, has acquired a 2.1 hectare industrial property in Melbourne’s east.
Following an off-market deal, the Sydney based asset manager is paying $15.15 million ex-GST for 29 Garden Street, Kilsyth.
The vendor outlaid $5.5m in mid-2017.
That seller was the long-time occupier, Toyo Ink Australia.
Vendor nearly trebles outlay
The Kilsyth property contains 7533 square metres in four buildings covering a low 35 per cent of the Industrial 1 zoned parcel.
Lindum plans to revamp the key improvement – part occupied by Cummins Filtration Corp – and enhance the hardstand.
“This is a value-add play with solid fundamentals,” Ray White Commercial’s Brett Diston, said.
“[The incoming owner] is excited by the scope to improve rental returns by securing new leases across the vacant portions of the site while also refreshing the overall facilities to attract higher quality occupiers,” he added.
Stamford is now calling on investors to fund the purchase, promoting a 21.6pc internal rate of return – 1.25 the outlay – over the ownership period.
Kilsyth is about 32 kilometres from town.
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