Dexus sheds $78m Sydney industrial investment
Dexus has sold another industrial investment seized with its takeover of AMP’s real estate and domestic infrastructure equity business two years ago.
The Minchinbury asset, 32 Sargents Road, collected $77.5 million – a 3.65 per cent net passing yield – following an expressions of interest campaign launched August.
On 3.97 hectares zoned Business Development it contains two modern warehouses with a total 20,059 square metres connected via a breezeway.
Occupied by Australia Post’s Star Track, Toro Australia and TradeLink, the weighted average lease expiry is 1.2 years – at which time the head tenant, Star Track, can exercise a five year renewal following a market review (the postal group sublet 9510 sqm in 2023).
The present rent – $138 per sqm, per annum – is some 40pc below market, the selling agents said.
Also this week, we are reporting Goodman sold a major Melbourne industrial asset held seven years to Veres for $62.7m.
Dexus doubles outlay
AMP acquired 32 Sargents Road in 2016 as part of a $250m portfolio from JP Morgan Asset Management.
It was attributed a price of $37.7m.
The Dexus Wholesale Property Fund held it.
Colliers’ Gavin Bishop and Sean Thomson with JLL’s Joel Scully and Ben Hegerty brokered the on sale.
Jumaari Pty Limited is the buyer.
The deal comes six weeks since we reported Dexus sold two neighbouring Dandenong South, Melbourne, warehouses to one of the occupiers, Dulux.
Also in October, the asset manager, for the Industria REIT, bought adjoining warehouses in that suburb, from NGS Super.
Minchinbury is about 38 kilometres west of Sydney’s CBD.
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