Dexus buys ex-Homeart DC

Dexus is planning a multi-unit redevelopment at 32 Cox Place.

EXCLUSIVE

Dexus has quietly acquired a major office/warehouse with development upside in Sydney’s west.

The 2.12 hectare holding, 32 Cox Place, Glendenning (Google Street View image, top), cost $39.97 million – a 4.76 per cent market yield, according to the agents.

Vendor, De Bortoli Wines, paid $7.85m in 2010.

For years prior to 2001, the asset, with a c10,000 square metre improvement, was again owner-occupied, by Copperart, also holder of the Homeart brand, as a distribution centre.

Dexus is planning a multi-unit redevelopment; near the M7, Glendenning is about 44 kilometres from the CBD (story continues below).

The GPT Group completed 42 Cox Place in 2020.

Another institution backs Cox Place

The Dexus property sits beside a 17,100 sqm facility (42 Cox Pl), which The GPT Group leased to Total Tyres while it was being constructed in 2020.

GPT paid the City of Blacktown $18.4m for the 3.1ha block which made way for that investment the year earlier.

“The successful transaction underscores the continued demand for industrial assets in prime locations like the western Sydney corridor, Savills’ Michael Wall, who marketed 32 Cox Pl with John Swanson and Alex Saroff, said.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.