Australia Post has sold the first asset from a $400 million-plus logistics portfolio listed in April.

Pittwater Industrial has secured the Northgate distribution centre at 129 Old Toombul Road.

It is the Sydney based group’s second Brisbane asset.

Based on the passing annual net rent ($2.53m), the result would circle $42.2 million on a six per cent yield or $36.2m at seven per cent.

CBRE was the marketing agency.

Australia Post cashes out of Northgate

Australia Post will tip sale proceeds into automated parcel facilities able to handle the rise of package delivery and fall in letter volume.

Among its major projects is the $500m Adelaide Parcel Super Hub, nearing completion, while parcel facilities are also planned for regional South Australia, the Sunshine Coast and New South Wales.

Earlier this year it opened a landmark 78,000 sqm Brisbane facility – the state’s largest air and speed parcel hub.

The government arm paid $910,000 for 129 Old Toombul Rd in 1985 (continues below).

Northgate is 12 kilometres north-east of Brisbane’s CBD.

129 Old Toombul Road

Australia Post offered 129 Toombul Rd with a seven year leaseback.

The site spans 2.65 hectares.

The improvement contains 10,535 square metres of offices and warehousing.

Australia Post is also selling logistics facilities at Darra and Bundall, while the broader offering contains three Adelaide properties at Wingfield and Mile End South and the Sydney Gateway Facility at Granville.

The South Australian properties were offered with three year leasebacks.

Subscribe to our newsletter at the bottom of this page.

Goodman has divested another major logistics asset, this time in Sydney.

Mitsubishi Estate’s investment management arm MEC Global Partners Asia with BKC are paying $127.5 million for the Cumberland Industrial Estate at 3 Herbert Place, Smithfield.

The result reflects a low 3.94 per cent initial yield.

Colliers’ Trent Gallagher was the agent.

The deal comes four months since realestatesource.com.au reported Japan based Mitsubishi on behalf of MEC, with Charter Hall, would develop a 41,000 square metre logistics investment in Melbourne.

Cumberland Industrial Estate

With 28,746 sqm in three buildings, the Smithfield property is fully leased, to Fluidra Group Australia, Kingpan Water & Energy and Monde Nissin Australia.

The weighted average lease expiry is about four years.

The improvements cover 39pc of the 7.39 hectare block, which has full drive through access.

There is also a truck wash, mechanic workshop and axle weigh (continues below).

There are 122 car parks too, and 38 for trucks.

“The result highlights the strong demand we’re seeing for high quality industrial assets in core Western Sydney locations particularly those offering scale, secure income and significant rental reversion and investors are increasingly focused on opportunities where they can capture rental growth over the medium term,” Mr Gallagher said.

“Opportunities of this scale and quality are rarely bought to market and there continues to be strong interest from both domestic and offshore groups looking to deploy capital into well-located logistics and industrial assets,” he added.

Earlier this year realestatesource.com.au reported Goodman sold a Brisbane warehouse.

In late 2024 the property giant divested the Banyo South Industrial Estate, for $28m.

It recently bought the landmark Gibson Island from Incitec Pivot.

Smithfield is about 31 kilometres west of Sydney’s CBD.

Subscribe to our newsletter at the bottom of this page.

Unison Projects has sold adjoining industrial development sites to Macquarie Asset Management-backed LogiSPACE – banking a major profit after three years.

The Brendale holdings traded for a total $34.32 million.

The largest parcel, Lot 916 Stanley Street, spanning 6.46 hectares, collected $18.46m.

Unison paid CSR $13.42m for this asset in 2024.

The second block, Lot 506 Eadie Court, spreads 2.22ha.

Acquired three years ago from Avid Property Group for $7.2m, it sold to LogiSPACE for $15.87m.

Blue Commercial’s Gary O’Shea and Modus Property Group’s Nick Bandiera were the agents.

LogiSPACE secures 8.7ha

The properties mark Sydney-based LogiSPACE’s maiden Queensland assets.

The amalgamation is earmarked for a 35,207 square metre business park (artist’s impression, top); it puts the end value at c$167m.

The Eadie Ct parcel will be complete within 15 months – in the third quarter of 2027 (continues below).

Stanley St is expected to be developed by 2028.

LogiSPACE expands east coast footprint

LogiSPACE was established last year by former ESR Australia executives Troy Bryant and Darren Searle.

The platform has been assembling east coast investments including at Chester Hill, 25 kilometres west of Sydney, and Tottenham, nine kilometres west of Melbourne.

“Brendale has emerged as a critical junction in Queensland’s logistics infrastructure with connectivity to major population centres, mid-ring distribution networks and emerging employment hubs,” Mr Bryant said.

“Against this backdrop, the availability of a site of this scale, location quality and development potential presented an exceptional opportunity,” according to the executive.

Mr Searle added “the Brendale acquisition demonstrates our ability to source premium logistics real estate in supply-constrained markets and execute transformational development strategies at scale,”.

“Brisbane represents a real opportunity to build institutional grade logistics infrastructure, and we intend to be the platform that defines the next chapter of the market, he said.

Subscribe to our newsletter at the bottom of this page.

A major inner-city Melbourne industrial investment has traded for about $11 million.

Spanning 5760 square metres, or 1.42 acres, 44 Phoenix Street, Brunswick, found favour with a future occupier.

Just over half the 5218 sqm of improvements are leased to importer and wholesaler Ken Hands Agency (KHA).

The balance (2304 sqm) comprises a four bedroom apartment.

GrayJohnson’s Matt Hoath was the agent.

The deal comes a year since we reported the sale of the suburb’s Bunnings store – on 4045 sqm with 2400 sqm of improvements split by a laneway at 409-415 Sydney Road.

Melbourne City Mission also shed the historic Hartness House – an ex-orphanage once owned by the Salvation Army, now a childcare centre, on Albion St.

In 2024 meanwhile, Australian Unity divested a small Moreland Rd block it had earmarked to expand Brunswick Private Hospital,

Occupier, investor

The Phoenix St property was earning $185,709 annual income when it was listed in February.

Part of the property was occupied for more than 40 years by an engineering firm with some valuable infrastructure remaining including twin 10 tonne gantry cranes and a large power supply.

There is also a c196 sqm annex and extensive hardstand (continues below).

The deal values the Industrial 1 zoned land at c$1910 per sqm or $2109 sqm based on building area.

“A site of this scale, nearly 5,800 square metres of land, with 67 metres of frontage to a main industrial street, multiple roller shutter door access points, and a 10.3-metre warehouse clearance height doesn’t come to market in Brunswick with any regularity….when it does, there is no shortage of interest,” Mr Hoath said.

“The transaction is a defining characteristic of the current inner-north industrial market with the absence of comparable stock,” according to the executive.

“What made this sale particularly compelling was the ‘income while you occupy’ structure…the purchaser acquires a fully functional industrial complex, benefits from an immediate rental return from the tenanted portion of the building and can grow into the remaining space on their own terms and timeline,” he added.

“That combination of income and operational flexibility is rare to find inside the inner ring.

“Brunswick’s industrial precinct is largely built out….there is no new supply coming.

“The Metro Tunnel has reinforced the connectivity credentials of the inner north, and buyers who understand long-term land value are acting accordingly.

“New industrial supply across Melbourne is forecast at about 550,000 square metres in 2026, down from roughly 850,000 square metres the previous year, as developers increasingly shift toward pre-commitment driven projects rather than speculative development”.

Brunswick is about five kilometres north of town.

Subscribe to our newsletter at the bottom of this page.

A major cattle aggregation linked to Gina Rinehart’s pastoral interests has changed hands.

Prominent Queensland Wagyu producer Laird Morgan and family are acquiring the majority of the Rockybank holding in a deal speculated to be worth over $60 million.

The 22,667 hectare aggregation, part of the broader S. Kidman & Co grazing portfolio, was offered amid ongoing criticism of Queensland’s foreign land tax regime, cited by operators as adding materially to holding costs for partly foreign-owned pastoral assets.

Ms Rinehart’s Hancock Agriculture and S. Kidman & Co, in which she holds a 33 per cent stake (the balance is controlled by China based Shanghai CRED), continue to rationalise parts of their Queensland pastoral footprint while maintaining broader exposure to cattle production assets across eastern Australia.

Last year the latter bought a 5003ha pastoral asset in New South Wales’ New England.

US businessman Sam Swire was that vendor.

That deal was worth c$75m.

Recently Ms Rinehart also personally bought a Brisbane CBD office and is seeking to repurpose the Perth headquarters of Hancock Prospecting with a mixed-use project with a hotel and apartments (continues below).

Laird Morgan boosts portfolio

Rockybank in the Maranoa region, is near Tingun, 25 kilometres south of Roma.

The three-holding grazing and dryland cropping aggregation – the 16,441ha Rockybank, Holyrood (4,145ha) and Maffra South (2,082ha) – was marketed as a backgrounding and breeding operation, part of a wider regional holding network used across the Kidman system.

Hancock Agriculture and CRED paid $386.5m for the broader Kidman portfolio in 2016. S Kidman & Co was that seller, holding it three years.

LAWD’s Danny Thomas brokered the latest deal to two families.

The Laird Morgan business operates a large-scale Wagyu and commercial cattle breeding enterprise on the Darling Downs.

Subscribe to our newsletter at the bottom of this page.

Chinese car giant BYD has expanded again, committing to additional space at a Melbourne industrial estate (pictured, right) acquired late last year by EG Funds.

The car maker has signed a six year lease, extending its presence at the 1.98 hectare business park at 899 Mountain Highway, Bayswater.

The commitment comes six months since EG, for its Private Wealth arm, paid $19 million for investment – with five standalone buildings containing a total 10,834 square metres.

At the time of settlement, BYD had just signed up to part.

Rival Zeekr has also been expanding its local presence, recently leasing an ex-Wittner outlet in Sydney’s Waterloo.

Not long earlier, that group leased its maiden Queensland showroom – in Brisbane.

Dealership Lansvale Motor Group also rented an Australian showroom in 2024, in Sydney’s Prestons (continues below).

BYD expands in Australia

The Bayswater deal comes in the week BYD committed to a showroom in Sydney’s Moorebank.

Meanwhile its premium marque, Denza, recently leased an industrial space at Alexandria, again in the New South Wales capital.

Its national headquarters is in Macquarie Park, in Sydney’s north west.

Last October, BYD committed to a Victorian headquarters – part of a Salta estate in Melbourne’s south east.

Subscribe to our newsletter at the bottom of this page.

Centuria has listed two east coast life science investments with almost a decade of contracted income.

In the Monash National Employment and Innovation Cluster – Victoria’s largest employment hub outside of Melbourne’s CBD – the asset manager is offering the laboratory and headquarters of ASX-listed Paragon Care.

On 1.52 hectares at 77-97 Ricketts Road, also abutting the Monash Freeway for 139 metres, the asset includes 7975 square metres in several attached buildings, upgraded in mid-2022.

The warehouse, accessed by 10 roller shutter doors, has a large power supply and crane provision.

There are also 129 car parks.

Paragon occupies 91 per cent on a lease expiring in 2037.

Mount Waverley is about 16 kilometres south east of the CBD.

Sprawling Brisbane site

In Brisbane, Centuria has listed a purpose-built laboratory and research facility fully leased to QML Pathology, which also occupies an office component as its headquarters (continues below).

With two buildings, 11-19 Riverview Place, Murarrie, part of the Metroplex Gateway Estate, contains 9696 sqm.

Across two amalgamated sites spanning 2.38ha, also exposed to Metroplex Avenue, there are 280 car parks too.

The weighted average lease expiry is 9.2 years with a mid-term review at the end of 2030.

Murarrie is eight kilometres east of the CBD, within the Australia TradeCoast precinct, near the Port of Brisbane and Brisbane Airport.

Centuria holds both properties in the c$820m Healthcare Property Fund.

CBRE’s Sandro Peluso and Chris O’Brien with JLL’s Ben Hegerty and Simon Quinn are the agents.

Subscribe to our newsletter at the bottom of this page.

Blackfox Property has added another Perth industrial asset to its portfolio.

The Sydney-based investment house founded by Marc Schwartz has paid $35.95 million for 146 Maddington Road, Maddington.

CapPru – or Capital Presidential – was the seller.

It also developed the 15,370 square metre office/warehouse two years ago.

The sale reflect a 6.42 per cent net passing yield.

The market yield is 7.03pc.

Blackfox builds portfolio

On 3.14 hectares, the Maddington property is leased to ASX-listed gold producer Westgold Resources and logistics operator EWE Global Logistics.

The weighted average lease expiry is 6.5 years.

The deal comes 14 months since realestatesource.com.au reported Blackfox bought a Landsdale industrial investment with a leaseback from transport operator Kelsian Group (continues below).

That outlay was $7.38m.

Outside of Western Australia the group has recently bought a warehouse in Newcastle (for $34.25m) and two Toowoomba retail assets ($27m).

Colliers’ Sean Thomson and Gavin Bishop with Cushman and Wakefield’s Nick Goodridge and Tony Iuliano marketed 146 Maddington Rd.

Power giant leases Dexus warehouse

Meanwhile, Magellan Power has leased a warehouse built speculatively by Dexus.

The battery and systems manufacturer will occupy 4785 square metres – warehouse 2A and 21 Pilatus Street, Jandakot.

The asset forms part of the Ascend Industrial Estate.

Cushman & Wakefield’s Andrew Fife was the agent.

Subscribe to our newsletter at the bottom of this page.

Modscape has committed to a larger Queensland manufacturing facility.

The modular building manufacturer and sister company Modbotics has committed to a 20,918 square metre complex within the Vantage Yatala estate at Stapylton, about half way between Brisbane and the Gold Coast.

The initial lease term is 15 years.

Frasers Property Industrial will deliver it.

With the deal, 85 per cent of the 65 hectare Yatala estate is leased.

Modscape is already a tenant-client having moved into a 12,868 sqm complex at Archerfield in 2024.

The group deals in residential, commercial, education and healthcare sectors.

Modscape signs lease deal

The Yatala facility will be for manufacturing, storage and distribution, with heavy duty load bearing floors capable of accommodating specialised robotics (continues below).

FPI Queensland general manager Troy Whalan said industrial facilities were increasingly being designed to accommodate sophisticated production operations.

“Industrial facilities are increasingly supporting sophisticated manufacturing and production operations, requiring specialised building design and infrastructure,” he added.

Modscape and Modbotics chief executive, director and co-founder, Jan Gyrn, described the project as a significant step in the company’s Queensland growth strategy.

“This facility marks an important milestone for Modscape + Modbotics and reflects our ongoing commitment to Queensland, which has been central to our growth,” he added.

“Vantage Yatala gives us the scale, flexibility and strategic location to meet rising customer demand while continuing to deliver innovative, sustainable modular construction across Australia,” according to the executive.

The deal comes three years since realestatesource.com.au reported the group upsized its accommodation in Melbourne – where it is headquartered – to a 37,500 sqm facility at Essendon Fields (20,000 sqm being undercover and 6000 sqm for Modbotics).

Subscribe to our newsletter at the bottom of this page.

Goodman Group and its largest property fund are spending about $2.65 billion to acquire interests in industrial property partnerships held by Brickworks.

The deal follows Washington H. Soul Pattinson & Company’s acquisition of the building products giant in September 2025.

Goodman Australia Industrial Partnership, or GAIP, will pay $2.3b.

Goodman will contribute the balance (c$350m).

Settlement is scheduled this month.

BGAI, Oakdale West Trust

The deal includes Brickworks’ 50 per cent interest in the Brickworks Goodman Australia Industrial (BGAI) partnership.

It also includes a half stake in the Oakdale West Trust.

Following settlement, GAIP’s ownership of BGAI increases to 100pc and its holding in Oakdale West to 90pc.

Goodman will hold the balance (10pc) of Oakdale West.

Oakdale East Trust

Separately, Goodman Group is acquiring Brickworks’ remaining 50pc interest in the Oakdale East Trust, which contains development land and projects under construction.

The interests (BGAI, Oakdale West, Oakdale East) form part of an industrial and logistics portfolio established through a Goodman-Brickworks partnership launched in 2005 (continues below).

The assets, predominantly in Sydney, contain approximately 1.3 million square metres of gross lettable area and carry a value exceeding $5b.

Key holdings include the Oakdale Industrial Estate and Erskine Park’s Interlink Distribution Centre (pictured, top) precincts in Western Sydney.

The portfolio also contains the Rochedale Motorway Estate in Brisbane.

Fund grows

GAIP – in which Goodman holds a 30.4pc stake – owns approximately 115 properties.

Following the acquisition, its gross asset value is expected to increase to about $20b.

Chief executive Jason Little said Goodman had managed the assets with Brickworks for many years.

“We know these assets well and have managed them alongside Brickworks for many years,” he added.

“As part of our asset recycling strategy, the transaction demonstrates our ability to redeploy capital into opportunities that support long-term customer demand, while increasing our interest in high-quality assets that are already well integrated into our portfolio,” according to the executive.

The Brickworks Manufacturing Trust is not affected by the transaction and will continue operating under the existing Goodman-Brickworks partnership structure.

Subscribe to our newsletter at the bottom of this page.