Lendlease spends $130.1m on Best & Less warehouse

Lendlease is paying $130.1 million – a price which reflects a 3.62 per cent yield – for an Eastern Creek distribution centre.

On 6.1 hectares at 1 Eucalyptus Place, it is rented to Best & Less.

AMP Capital, on behalf of a now dissolved mandate for Swiss Re, outlaid $90m two years ago.

That vendor was Greenlit Brands – then known as Steinhoff Asia Pacific – which not long after sold the Best & Less brand to Allegro Funds (story continues below).

The Eastern Creek property, with 36,404 square metres of lettable area, was constructed 20 years ago by Australand (nowadays known as Frasers Property Australia).

More to come.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.