Dexus buys four east coast industrial assets

Dexus has paid $29.84 million for a Glendenning property with plans for a logistics investment.

Dexus has spent a speculated c$155 million-plus on four east coast industrial assets.

In the biggest deal, it is paying $85m for a distribution centre majority leased to Myer at Brisbane’s south west Richlands.

Dexus has expanded Ravenhall’s 127-hectare Horizon 3023 estate with 179 Palm Springs Road.

The 53,000 square metre facility at 278 Orchard Road was offloaded by Australian Unity’s Diversified Property Fund at a major premium to its ($61.5m) May, 2020, value.

There are four tenancies and a vacancy; the Weighted Average Lease Expiry by income is about four years.

Every purchase offer was from an institutional investor, One Commercial’s Joshua Charles, said        .

At Sydney’s west Glendenning, Dexus is paying Valspar (Australia) Corporation $29.84m for a 5.25 hectare vacant block, 201-203 Power Street.

This property is earmarked for a c$90m, 28,000 sqm logistics facility to be held by the Dexus Wholesale Property Fund.

Second Mickleham funds-through for DALT

Dexus is acquiring two Melbourne assets.

In Mickleham’s Merrifield Business Park the manager is buying a c$35m office/warehouse on a funds through basis from MAB Corporation and Gibson Property Corporation.

This asset will be held by the GIC-backed Dexus Australian Logistics Trust.

The landlord is responsible for finding tenants.

Last July Dexus spent $73.5m on another distribution centre at Merrifield pre-committed to Ford (story continues below).

That deal was also funds-through and for DALT.

Mickleham is 29 kilometres north of the city.

DALT, DWPF expand Horizon 3023

In a fourth deal, Dexus confirmed it has picked up 179 Palm Springs Rd, Ravenhall.

This 6.6ha tract is almost entirely surrounded by DALT and DWPF’s 127ha Horizon 3023 industrial estate.

Its newest parcel is earmarked for a 60,000 sqm logistics facility which will be owned equally by the same pair.

This property is behind two high profile sites which face the Deer Park Bypass/Western Highway: the Portuguese Association of Victoria headquarters and the Western Hi-Way Truck Sales dealership.

Dexus paid $84.7m in late 2018 for the land making way for Horizon 3023; last year it pre-committed Amazon there.

Ravenhall is about 21km west of Melbourne.

Mr Charles marketed the Richlands asset with JLL’s Tony Iuliano.

CBRE’s John Micallef and Jason Edge sold the Glendenning land.

That agency’s Ben Hegerty and Chris O’Brien represented MAB and Gibson. This broker also marketed the Ravenhall parcel.

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Marc Pallisco

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

Marc Pallisco