Dexus banks $373m from Melbourne, Gold Coast investments
Dexus has offloaded Mount Waverley’s landmark Axxess Corporate Park to another fund manager, Gateway Capital.
Worth $306.2 million after (c$9m) costs, the deal for the 19.6 hectare office and industrial park in the Monash National Employment and Innovation Cluster – the state’s biggest employment zone after Melbourne’s CBD – comes in at a 7.4 per cent premium to the ($285m) December, 2022, book value.
The divestment comes eight months since Dexus sold Gateway, in a partnership with Invesco, a St Leonards, Sydney, office, for $118.5m.
That investment is now held in the Urban Infill Logistics joint venture.
The Mount Waverley property by comparison will seed the Gateway Capital Urban Logistics Partnership – which has a c$1 billion mandate and will be co-held with Cadillac Fairview, the real estate arm of the Ontario Teachers’ Pension Plan.
Elsewhere in the area, 16 kilometres south east of Melbourne, Monash University 10 months ago paid Toyota $66m for a corner site opposite its Clayton campus.
Axxess Corporate Park
Developed in 1980 on 19.6 hectares at 307 Ferntree Gully Road, Axxess Corporate Park contains 14 industrial units, all up with 35,871 sqm.
There are also 11 offices, with 44,645 sqm.
Of the more than 100 tenants, high profile occupiers include Australia Post, Brave Energy Systems, Cabrini Technologies, Credo and TTI.
Goodstart Early Learning meanwhile leases a childcare centre also part of the estate.
There is a large restaurant too and 1240 car parks.
Cushman & Wakefield’s Tony Iuliano and Adrian Rowse represented Dexus; with a short 2.1 year Weighted Average Lease Expiry, the agents marketed the property’s development upside in a municipality which over the last 15 years has seen major apartment, office and industrial projects delivered.
A portion at the corner of Gilby and Forster roads, which can be developed now, was marketed with a scheme for a four storey office.
The asset is also near Clayton station and a proposed stop in the Suburban Rail Loop (story continues below).
Gold Coast warehouse fetches $67m
Meanwhile, Dexus has sold two Gold Coast warehouses picked up as part of its 2021 buyout of the APN Industria REIT.
The 16 year old factories at 16-28 Quarry Road, Stapylton, leased to Woolworths’ Endeavour Drinks, Gliders Transport and AMES Australasia – which owns brands Cyclone and Hills – are collecting $66.9m – book value.
It paid $65.25m.
With proceeds, the trust’s gearing will be reduced.
The manager will also pursue other development opportunities.
Dexus recently divested two Sydney CBD offices: 1 Margaret St, for c$300m, and 44 Market St ($393.1m), both prices reflecting more than 15pc discounts on recent appraisals,
Eighteen months ago, meanwhile, it offloaded six more Sydney commercial buildings including 383 Kent St, to Charter Hall, for $410m, and a half-stake in 321 Kent St, acquired by AsheMorgan, for c$405m (Dexus and AsheMorgan would later go on to trade Adelaide’s Homemaker Prospect for $68.9m).
In East Melbourne, meanwhile, Dexus last year divested an East Melbourne office for $213.7m.
The group has recently purchased assets too including, for its Dexus Real Estate Partnership 1, a 46ha Ravenhall industrial development site.
Last month it also increased its ownership of Celsus which runs the Royal Adelaide Hospital.
Stapylton is about 40 kilometres north west of Surfers Paradise.
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