Dexus sheds Fishermans Bend industrial estate
Dexus has sold another asset from the Wholesale Property Fund.
The 1.7 hectare Aquatica Business Park (outlined, top), in Port Melbourne, also part of the Fishermans Bend employment zone, found favour with Cadence Property Group, for a speculated $40 million.
At 344 Lorimer Street, on the south west corner of Todd Road, also opposite the South Wharf 33 loading dock and the Yarra River, the complex contains 10,200 square metres in nine storey office/warehouses, of two and three storeys, developed in 2008.
Eighty nine per cent occupied, tenants include Azko Novel, Medacta and TK Elevator Australia.
The average rent is about 20 per cent below market level, Cushman & Wakefield’s Chris Jones, Tony Iuliano, Adrian Rowse and Charlie Holmes, who brokered the deal, said.
Also this quarter, Dexus is speculated to be selling the AM60 office in Brisbane’s CBD to AsheMorgan.
Over the past 24 months it has divested assets from the trust, in, amongst other places, Milton, in suburban Brisbane, Canberra and Sydney.
Aquatica Business Park
Aquatica will be the fifth asset held by the Cadence Industrial Investment Partnership – backed by Victorian government investment specialist VFMC.
The other four, acquired in June from Stockland, are in Altona Northa and Truganina and, in Sydney’s Erskine Park.
The Lorimer St sits within one of seven metropolitan Melbourne National Employment and Innovation Clusters.
It is about four kilometres south west of Melbourne’s CBD.
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