Brix, Costa AM acquire prominent Bayswater warehouse
A partnership comprising Brix Property Group and Costa Asset Management has purchased another infill industrial investment – this time at Bayswater.
The 1.9 hectare block, 836 Mountain Highway, is costing $7 million, reflecting a high eight per cent yield.
The vendor, RUAG Australia, offered it with a three year leaseback.
“For us, the site represented as a unique opportunity to expand our industrial portfolio and get a foothold in the tightly held Bayswater…market,” Brix managing director Adam Brix said.
“The extensive highway frontage fits with our targeted approach for industrial assets with excellent main road exposure which provides added redevelopment and repositioning opportunities,” he added.
“The leaseback period provides us with some time to decide whether a redevelopment or repositioning of the site is the best path ahead”.
About 400 metres from Bayswater train station, the asset contains 8600 square metres of improvements covering 46pc of the block.
Offices comprise an above-average 10pc of the buildings.
There are also 50 car parks.
JLL’s Simon Wellock represented RUAG (story continues below).
Bayswater is about 27 kilometres east of Melbourne.
Second purchase this year
The Bayswater acquisition comes seven months since Brix and Costa AM outlaid $19m for a 6.65ha parcel in Seaford – about 35km south of the CBD.
With 220 metres of Frankston-Dandenong Rd frontage, that property is earmarked for a business park – with subdivided pieces available for sale or lease.
“Interest from tenants and owner-occupiers for the Seaford site has been excellent with the team currently in discussions with multiple parties for long-term leases on purpose-built facilities, together with ‘turnkey’ and vacant lands sale options,” Mr Brick said.
The partnership expects to settle on an another industrial investment, at nearby Mordialloc, early next year.
It will also soon start constructing a service station at Charlemont, in Geelong’s south.
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