Growthpoint lines up $268m Woolworths distribution centre deal
Melbourne-based Growthpoint Properties Australia is selling a major Perth Airport logistics asset held 17 years.
The Woolworths distribution centre at 20 Colquhoun Road found favour with Ben Lisle’s Hesperia for $267.7 million.
The leasehold deal is subject to conditions including completion of a building extension.
Settlement is expected early next year.
Major asset
The Perth Airport asset formed part of Growthpoint’s seed portfolio in 2009.
At the time the property was valued at $101.6m.
The asset manager has extended the facility by about 15,000 square metres – it now contains 80,374 sqm.
Another extension is underway which will add 10,700 sqm.
The site spans 19.4 hectares.
Perth-based Hesperia co-developed the nearby ROE Highway Logistics Park with Gibb Group and Andrew and Nicola Forrest’s Tattarang, via Fiveight (continues below).
In 2022, Charter Hall bought a portfolio of assets in that business park from the consortium, outlaying $300m.
Growthpoint Properties Australia is majority-owned by South Africa’s Growthpoint Properties Limited.
Growthpoint in the black
Growthpoint’s December, 2025, valuation, put 20 Colquhoun Rd at $267m reflecting a 5.63pc capitalisation rate and 7,25pc discount rate.
The weighted average lease expiry is 10.8 years.
“This transaction demonstrates the value we create through active asset management,” Growthpoint chief executive officer and managing director, Ross Lees, said.
“After more than 15 years of value creation, now is the appropriate time to recycle capital from this asset, as this divestment is expected to deliver an unlevered property internal rate of return of approximately 12 per cent,” he added.
Sale proceeds are expected reduce the asset manager’s pro-forma gearing by about four per cent.
Perth Airport is 12 kilometres east of Perth’s CBD.
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