Former Toll exec banks $128.5m from industrial investments
Lyall McLachlan, who in 1985 teamed with Paul Little and Peter and Mark Rowsthorn to acquire Toll Holdings, has sold two adjoining western Sydney investments to Stockland.
At Padstow and Bankstown, the assets (outlined, top) are trading for a total of $128.5m on a blended 4.28 per cent yield.
The portfolio’s Weighted Average Lease Expiry is 2.2 years.
Colliers’ Trent Gallagher and Hamish Miles were the marketing agents while Formus Property Group’s Ben Fairfax was the vendor’s advisor.
Mr McLachlan chairs Graphite Energy.
In 2004, the businessman sold warehouse and distribution company SWADS, which he established 16 years earlier, to Australia Post.
Toll floated in 1993.
Stockland’s latest assets
Stockland’s biggest new property, an office/warehouse investment at 96-112 Gow Street (known as 110 Gow St), Padstow, spreads 4.28 hectares.
Mr McLachlan outlaid $19.65m for it in 2009 (story continues below).
Abutting this asset to the north, the Bankstown investment, a bulky goods centre part occupied by Amart Furniture and Living Rock Aquarium, covers 1.09ha.
At 122 Canterbury Road, it cost the vendor $5.25m in 2010.
In October, we reported EG, for its Private Wealth division, outlaid $28.15m for a fully leased bulky goods centre at nearby 1618 Canterbury Rd, Punchbowl.
Redevelopment planned
Stockland has earmarked its two sites for medium term redevelopment.
“These acquisitions further increase our weighting in one of the most land constrained and attractive logistics markets in Sydney’s south west with immediate rental income,” Stockland Commercial chief executive officer, Louise Mason, said.
The group’s executive general manager, Workplace & Logistics, Tony D’Addona, added the group has recently commenced and completed more than $200m of projects in the area.
“With a shortage of premium warehouse and distribution sites available in Sydney adjacent to key transport corridors, these sites provide excellent access to the Sydney CBD, airport, Port Botany and the Mascot/Alexandria interchange and the M5 Motorway, and will benefit from the WestConnex project when it is completed in 2023,” according to the executive.
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