ISPT offloads warehouses worth $250m
ISPT has offloaded three east coast industrial investments banking a total c$255 million.
In the biggest deal, the Rowe family, founders of Australia’s largest family-owned bus operation, Busways, is paying $115 million for a 6.17 hectare asset, 2 Kookaburra Road, North Prestons.
With two tenancies containing 33,664 square metres of gross lettable area, developed in 2022, it is leased to Fieldturn Australia, Invenco and Intercentral Logistics.
The weighted average lease expiry is 7.2 years.
The suburb is about 37 kilometres south west of Sydney.
Irongate swoops on Brisbane assets
Meanwhile, ISPT has sold two Brisbane assets to Irongate.
At Narangba, the 10ha Interchange Industrial Estate on Old Gympie Rd, also facing Saltwater Circuit (pictured, top), is speculated to be trading for $76m (story continues below).
With 34,382 sqm of gross area, Apex Building Products, Avante, Bunnings, Cleanaway, Liquid Specialty Beverages, Merlin Marine & Leisure and T-Pac Lumber are the occupiers.
The WALE is 4.9 years.
In Brendale, Irongate is paying $63.8m for a VIP Plastic Packaging and Modern Star backed warehouse on 9.7ha at 250 South Pine Rd, with a 3.7 year WALE.
CBRE’s Chris O’Brien with JLL’s Ben Hegerty brokered the three sales.
Also today we are reporting Irongate bought two Sydney investments: a cold storage facility at Minchinbury, on a fund through basis, and an Ingleburn business park.
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