ESR divests Canning Vale warehouse
Decorative services group Borg has paid $18.5 million for a part-vacant Canning Vale warehouse.
The seller, ESR, picked up the property, 7 Modal Crescent, when it took over PropertyLink, which outlaid $14.785m in 2015.
On 3.08 hectares, the 15,600 square metre facility was developed in 2001 for ACI Packaging.
CBRE’s Geoff Fraser represented ESR.
Occupation and income
Borg will occupy c8160 sqm of 7 Modal Cr for its Polytec brand; this area was previously for lease asking $80-$85 per sqm, per annum net.
The balance is tenanted to Leeuwin Transport (story continues below).
The purchase comes a year since Mair Property Funds, for its MPF Diversified Trust No 3, paid $12.4m for a warehouse on 1.9ha at nearby 13 Modal Cr.
Leased to Timberlink, that property was offloaded by Sentinel which outlaid $10.1m in late 2017.
Canning Vale is about 16 kilometres south of Perth.
Last month Dexus, in a partnership with its managed APN Industria REIT, paid Ascot Capital $200m for the nearby Jandakot Airport – its first operational infrastructure investment.
The buyers additionally spent $1.1b on a neighbouring part-developed business park.
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