ESR is paying $58.1 million for an industrial investment with medium-term development upside, in Villawood.
The 7.45 hectare property, 9 Birmingham Avenue, contains warehouses leased to PPG Architectural Coatings for two more years.
About 6.3ha is developable.
It is near the 12.6ha ex-Orica munitions factory, which MaxCap and Time & Place acquired for over $70m in May.
That parcel, 2 Christina Road, is earmarked for a c$150m logistics estate.
CBRE’s Jason Edge and Michael O’Neill marketed 9 Birmingham Ave; the sale price reflects a 3.82 per cent yield (story continues below).
Villawood is about 22 kilometres west of Sydney.
In the neighbouring suburb of Fairfield East, in February, ESR sold a renovated office/warehouse on 2.71ha for $32m to a private investor.
More to come.
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