Australian Unity divests Melbourne distribution centre

The Derrimut asset was leased in August for $1.045 million per annum.

Australian Unity is continuing to reweigh its portfolio, selling a securely leased Derrimut distribution centre for $18.5 million, an impressive rise on the $11.35m it paid five years ago.

MRS Property is the buyer – its Harmony Property Investments will slot the property, 2-10 Bliss Court, into the Harmony Salisbury Fund, an industrial focused entity now with four assets.

It is the trust’s first Victorian asset; the price reflects a net passing yield of 5.65 per cent.

JLL’s Ben Hegerty and Jack Kelliher were the agents.

2-10 Bliss Court

Developed by Qanstruct in 2003 – which sold it for $8.84m just over a decade later – 2-10 Bliss Ct occupies 2.1 hectares in the Gilbertson Estate, with neighbours including Aldi, Beacon Lighting and Mercedes-Benz (story continues below).

Previously occupied by Bapcor, with 9807 square metres, it was let in August to Concept Logistics at about 16pc below the market rate, the agents said.

The weighted average lease expiry by income is 9.2 years.

Alan Jolley and Graham Stewart, who in 2016 sold their Australian Truck and Auto Parts business to Metcash, are former owners.

Australian Unity listed it earlier this year with a Braeside asset.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of