Laverton North sale a windfall for Qanstruct director

Spotlight recently leased the Laverton North warehouse.

GPT is paying $72.5 million for a newly leased Laverton North industrial investment.

The deal is a major windfall for Qanstruct managing director Mark Ruff – who spent $16.5m for the vacant asset in February, 2018, then $15m extending it.

GPT could soon own 79-85 Cherry Lane, Laverton North.

Spotlight Retail Group committed to all of the complex this quarter.

The property was last occupied by Toyota Boshoku.

JLL’s Tony Iuliano and Adrian Rowse are the agents.

A fortnight ago KordaMentha sold Mapletree a Laverton North cold storage investment for $42.8m – more than twice what it outlaid in 2019.

That deal reflected a 4.3 per cent net yield.

Last month APN – for its Industria REIT – paid $24.1m, a price reflecting a 5.1pc initial return, for a 2.97 hectare warehouse in the suburb leased to Period Timber Mouldings.

235-239 Boundary Road

On 5.73ha, 235-239 Boundary Road contains a 31,306 square metre warehouse.

An additional 2052 sqm is configured as offices and staff amenities.

There are also 273 car parks.

SRG – which controls brands including Anaconda, Harris Scarfe, Mountain Designs and Spotlight – signed a five year lease (story continues below).

Based on the annual net rent, GPT is picking up the property on a 3.8pc yield.

Earlier this month we reported the Sydney-based manager was in due diligence for a portfolio of 26 warehouses and four offices, from Ascot Capital.

That deal, worth c$800m, includes a factory at nearby Cherry Lane, Laverton North.

Another sub four pc yield

Last week Dexus acquired four east coast industrial investments from McPhee Distribution Services director Jay McPhee, including 2 Maker Place, in Truganina, which set it back $69m.

The portfolio purchase price – $186m – reflected a sub four pc yield.

Like 235-239 Boundary Rd, these properties offer depreciation benefits.

In July, Lendlease paid Mirvac $161m – a blended four pc return – for three warehouses including two in Melbourne – at Altona and Altona North.

Not long earlier the same buyer spent $130.1m on a Best and Less backed distribution centre on 6.1ha in Sydney’s Eastern Creek.

That deal reflected a 3.62pc yield – a landmark result for an industrial investment worth nine figures.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of