Blackfox secures modern logistics investment
EXCLUSIVE
Blackfox has bought a distribution centre investment at Kooragang, north of Newcastle.
The 3.24 hectare SP1 Special Activities zoned property, 9 Portlink Close, cost $34.25 million.
When it was listed last April, the annual net return was $2.295m.
Leased to agribusiness, Viterra, the weighted average lease expiry was 6.7 years.
The deal comes six months since Blackfox directed by Marc Schwartz, Greg Bachmayer and Greg Edelmuth, and part-backed by Primewest co-founder, David Schwartz, bought Shepparton Home from Brett Blundy’s Aventus (it acquired the area’s Shepparton Retail Hub last year).
In February, the Sydney based investment house snapped up two Toowoomba retail investments from Arcana Capital.
9 Portlink Close
Completed in 2021, 9 Portlink Cl contains 16,085 square metres in two warehouses connected via a breezeway.
The site has full drive around access.
There is a second crossover on Herron Road.
CBRE’s Jason Edge was the agent.
Low vacancy
Mr Edelmuth, joint managing director of Sydney based Blackfox, said the Portlink Cl purchase price is below replacement cost.
“This asset offers a defensive income profile backed by a blue-chip global covenant,” he added.
“The property is well positioned to capture growth in a tightly held precinct where supply is constrained,” according to the executive.
“The deal follows a wave of institutional capital targeting the Newcastle logistics sector where vacancy rates remain below one per cent and rents have surged more than 30pc since 2022”.
Kooragang is four kilometres from Newcastle’s CBD and the Port of Newcastle.
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