Bob Ell has sold a North Rocks business park after two and a half years.
The 4.68 hectare property at 19-21 Loyalty Road collected $70.6 million – a 24 per cent premium – from Centuria.
It will be slotted into Starwood Capital’s Last Mile Logistics Partnership (LMLP), which has now doubled in value but has some way to go fulfilling its $500m mandate.
A repositioning and rental reversion strategy is planned; the location, near Parramatta and some 26 kilometres north west of Sydney’s CBD, is considered one of the city’s most tightly held to buy or lease.
With three buildings containing 19,187 sqm covering 41 per cent of the parcel, and a short 2.3 year weighted average lease expiry, new product could also be considered.
The asset is the largest yet for the LMLP – the other three are worth a total $76m.
Leda Holdings, which the 76 year old Mr Ell created, paid $57m in July, 2021 (story continues below).
Booming underlying land value
Leda will tip proceeds into its significant development pipeline.
It expects to invest in other opportunities too, managing director, Rob Ell, Bob’s son, said.
The group was represented by Colliers’ Gavin Bishop and Sean Thomson who, coincidentally sold it to them.
Centuria manages an industrial portfolio worth c$6 billion; in Australia this includes some 160 assets. New tenant clients at North Rocks include Spotless arm Ensign, toy maker Crown & Andrews and tap wear distributor Myhomewater.
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