Gateway Capital has picked up two more east coast infill industrial assets.
The properties will be held in the Gateway Industrial Partnership (GIC).
For this fund, last month, the manager outlaid $36.1 million on a 6.55 hectare investment at Hemmant, in Brisbane’s Trade Coast region.
The latest properties
In Melbourne, Gateway has just paid $13.5m for a two hectare industrial investment at 89-103 Boundary Road, at the south east corner of Hume, in Laverton North.
With three buildings containing a total 7020 square metres, it is leased to Nolan’s Interstate Transport, Hy-Way Truck Accessories and Quality Tyre Sales.
The price reflects a 5.7 per cent passing yield.
Gateway managing director and chief executive officer Stuart Dawes said the group intends to retain the existing structures while considering developing more product on a vacant tract.
“Part of the Nolan’s facility at Laverton is cold storage, which is a sector that we see as underserved in Australia,” he added.
“Across the country there is almost no vacancy cold store assets of less than 10,000 sqm, with strong and increasing tenant demand for these facilities,” according to the executive.
“This is an area that Gateway Capital will look to invest into further” (story continues below).
Meanwhile, at Acacia Ridge, 15 kilometres south of Brisbane, Gateway has snapped up a 2.02ha investment tenanted for six decades to Cox Industries (Australia).
At 70 Landseer Street, on the south east corner of Ingram, it contains 9101 sqm of warehousing.
The buyer is intending a redevelopment.
“As a company, we have a strong bias towards infill markets and markets where there is limited land supply as we feel that provides a strong backdrop for us to execute our active investment strategy,” Mr Dawes said.
“Furthermore, we seek to target assets that are well located either on or close to major arterial roads,” he added.
Arcacia Ridge is connected to a freight rail network, Beaudesert Rd and the Gateway and Logan motorways.
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