Hale buys $50m Melbourne warehouse to extend
Hale Capital has quietly bought Oakleigh South’s recently vacated Synnex headquarters with plans to extend and repurpose it as a cold storage distribution centre investment (artist’s impression, top).
The 4.4 hectare holding, 92 Carroll Road with a 1246 square metre parcel abutting the east edge, 41 Cleeland Rd, cost $50.3 million excluding GST.
ITG Australia TS Mid Ltd, as trustee for the purchaser, agreed to the deal last July on a 12 month settlement.
The seller was Taiwan backed Synnex which recently relocated to a new 44,000 sqm facility in the suburb developed by Vaughan Constructions.
The deal is speculated to have been done direct.
26,700 sqm asset planned
Hale lodged a development application with the City of Kingston in March to extend the 14,980 square metre ex-Synnex warehouse at 92 Carroll Road by 11,720 sqm, into vacant tracts.
The improvement will contain four tenancies – each with a chiller, freezer, ante room, office, loading bays and material handling equipment rooms – with five business identification signs and rise 16.1 metres.
The Cleeland Rd parcel will provide another access point, and parking.
The deal comes four months since we reported Hale, in partnership with Oxford Properties and Warbug Pincus, secured finance from Nuveen to develop a 49,173 sqm multi-storey distribution centre in Sydney’s Rosehill.
Also in May, Hale paid Dexus c$30.2m for a 3.2ha Acacia Ridge, Brisbane, industrial investment, with 17,000 sqm.
Last November meanwhile, Hale acquired a 2.9ha business park, with 13,000 sqm of improvements, at Banyo South, again in Brisbane, from Goodman.
Like Oakleigh South, those deals were brokered off-market.
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