Hale snaps up major Melbourne business park
EXCLUSIVE
Six weeks after raising $800 million for an opportunistic fund targeting last mile logistics investments, Hale Capital Partners has invested a chunk on a sprawling infill Melbourne property.
The 11.3 hectare Scoresby Industrial Park is speculated to be costing $125m from IFM Investors, which took over ISPT late last year.
With 50,211 square metres in four buildings, developed between 1997-2001, key tenants include Nintendo and Monash Health.
There is a vacancy. If there weren’t and based on market rates, the annual rent would circle $3.6m. The yield would be c2.9 per cent.
CBRE’s Chris O’Brien, Andrew Bell, David Aiello and Sasan Misaghian brokered the off-market sale.
It is Melbourne’s first nine figure industrial deal this year.
Last year we reported Hale bought and would replace Oakleigh’s ex-Philips factory as a multi-tenant cold storage distribution centre. It also acquired major industrial investments in Brisbane and Sydney (continues below).
IFM in the black
ISPT on behalf of the Core Fund paid $73m for the Scoresby Industrial Park in 2015.
That seller, the family-owned Perfection Private Group, retained 24 units with a total 14,000 square metres, as part of the deal.
The properties abuts the Spooner family’s 188ha Caribbean Business Park – one of Australia’s largest privately held industrial estates – 30 kilometres south east of the CBD.
Hale, established in 2021 by Robert McMickan and Nicholas Bradley, recently raised $800m for a value-add fund targeting high quality, income producing assets and repositioning opportunities.
Commitments came from founding capital partners, Canada’s Oxford Properties and private equity firm Warburg Pincus.
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