ESR sells Dingley Village industrial investment for $19.75 million

Hong Kong based logistics real estate platform ESR is continuing to reweight its portfolio, selling an industrial investment in Melbourne’s Dingley Village for $19.75 million.

The 3.9 hectare holding at 1-5 Lake Drive is trading to Sydney-based HB+B Property, a diversified investor and developer.

The Industrial 1 zoned land is configured with three vacant warehouses containing a total of 17,431 square metres of area.

The 3.9 hectare site, with three vacant buildings containing a total of 17,741 square metres of area. was marketed to owner occupiers and developers.

CBRE’s David Aiello, Stephen Adgemis and Lachlan Ferguson closed an expressions of interest campaign for the property on July 4.

The brokers targeted owner occupiers or developers, which might consider refurbishing the improvements.

The high-profile site is opposite Moorabbin Airport and Chifley Business Park, within an established industrial precinct.

Also near bayside residential suburbs including Mordialloc and Parkdale, Dingley Village is about 22 kilometres south east of the city and eight kilometres west of Dandenong – once marketed as Melbourne’s second city.

Major occupiers near 1-5 Lake Drive include Coca Cola, Visy, Hella, Decathlon and Bib Stillwell.

The Dingley Village disposal comes 11 days after we reported that ESR sold a Mulgrave office to Ascendas REIT on a funds-through basis for $110.9 million.

ESR is developing this investment, 1/254 Wellington Road, with Frasers Property Australia.

The site (outlined) is opposite Moorabbin Airport and near the bayside suburb of Mordialloc.

In July, ESR listed a $25 million-plus 2.25 hectare industrial property at 677 Springvale Road, also in Melbourne’s Mulgrave.

Earlier this week, ESR also listed an office in Sydney’s outer west, at 211 Northumberland Street, Liverpool.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
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