Bob Ell banks major capital gain at Milperra

Leda Holdings recently paid $57 million for a 4.68 hectare North Rocks industrial investment.

Bob Ell’s Leda Holdings has banked a substantial capital gain from an older-style Milperra industrial investment held for four years.

The 7.71 hectare holding, 270-286 Horsely Road, is trading for $152 million, reflecting a 2.8 per cent passing yield, to ESR which is intending to replace it with a multi-level business park.

Leda paid Lennox Industrial $52m – a 4.07pc return.

Heatcraft has occupied the asset with 38,613 square metres of improvements, since the 1960s.

Elsewhere in the suburb, four months ago, Pittwater Industrial outlaid $34.2m for a warehouse on 3.12ha at 373 Horsely Rd leased to UGL.

That sale also reflected an impressive short term capital gain – with vendor Gsan paying $10.25m in 2015.

Leda reweights

Colliers’ Gavin Bishop, Trent Gallagher and Sean Thompson brokered the off-market 270-286 Horsely Rd deal (story continues below).

The disposal comes eight months since Leda paid $57m for a business park with development upside on 4.68ha at North Rocks, near Parramatta.

That deal, with private vendors which outlaid $7.4m in 1997, reflected a 4.2pc yield.

In 2020 Leda banked $38.2m – a 5.4pc yield – selling an Ingleburn industrial investment to EG’s Australian Core Enhanced Fund.

That asset, 5 Williamson Road, cost the vendor $24.75m three years earlier.

Milperra is about 24 kilometres south west of Sydney.

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Marc Pallisco

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