GPT Group has spent $212 million on five Sydney industrial investments.
On Tuesday, Colliers and JLL confirmed GPT outlaid $105 million to secure a portfolio of three warehouses, marketed as the ‘Sydney Centric Portfolio’.
Offered by AMP, the assets are:
- 104 Vanessa Street, Kingsgrove – an 11.2 hectare site leased to Shriro Australia for 5.3 years and returning annual rent of $1.23 million (which the agents said is about $130,000 below the market rate);
- 30-32 Bessemer Street, Blacktown – a 4.5 hectare block containing a 20,149 square metre facility rented to Snackbrands, which pays yearly rent of $2.3 million. The weighted-average-lease-expiry for this property, is 6.8 years; and
- 64 Biloela Street, Villawood (pictured, top). This 3.8 hectare parcel contains a 23,304 sqm warehouse occupied by VIP Plastic Packaging Pty Ltd, which pays rent of $2.3 million per annum.
The agents said the blended yield for the portfolio was 5.57 per cent.
Meanwhile in Erskine Park, GPT Group is buying two 10-year old warehouses from a private investor for a reported $107 million.
The acquisitions give GPT control of 88,200 sqm of industrial space in Sydney’s west and south-west.
Earlier this week we reported that the property group planned to build Australia’s tallest timber tower at Melbourne Central.
GPT Wholesale Shopping Fund also listed Norton Plaza, in Sydney’s Leichhardt, a retail asset speculated to be worth about $150 million.