Goodman doubles size of business park with $200m deal
Goodman has added a specialised industrial investment to its book following a tactical off-market deal with Qube.
The 11.17 hectare piece of a Minto intermodal facility, 9 Stonny Batter Road, is setting the fund manager back about $200 million.
With a valuable rail siding, it is expected to be connected to Goodman’s 13ha Keylink Industrial Estate North (image, top), on the south west corner of Pembroke and Ben Lomond roads.
The new site will also contain improvements – potentially doubling the size of the business park assuming single storey structures. Goodman will employ a manager to run the intermodal component.
The deal comes nearly five years since Qube sold banked $207m selling a neighbouring 30.6ha intermodal site to Charter Hall for the Prime Industrial Fund.
Increased appeal, efficiency, rent and land value
The rail connection will increase the appeal, efficiency, rent and land value of Keylink, with five single storey buildings containing c48,000 sqm (story continues below).
Goodman has form buying sites neighbouring its estates including in 2022 when it outlaid over $200m for the 3.5ha Alexandria Homemaker Centre, to expand the Bourke Road Distribution Centre.
It has also recently shed major business parks – in Melbourne’s Eumemmering and Brisbane’s Banyo South last year – for a combined c$140m.
Last week we reported the group divested the ex-Mosaic Brands headquarters in Rosebery, for a speculated $70m, and Brisbane’s Arcadia industrial estate, for $89.6m.
Following settlement of 9 Stonny Batter Rd, Qube as part of a consortium including LOGOS, will continue developing its c$1.65 billion Moorebank intermodal facility, 15 kilometres north of Minto.
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