Lendlease spends $86.9 million on industrial assets in Sydney, Melbourne

Lendlease, via its Australian Prime Property Fund, has acquired three industrial investments on Australia’s east coast for an $86.9 million outlay.

In Smithfield, about 30 kilometres west of the Sydney CBD, APPF is paying $44.8 million for a logistics estate with approximately 26,000 square metres of lettable area leased to eight tenants.

On land of 5.5 hectares, and with immediate redevelopment potential, 28-54 Percival Road was offloaded by GM Property which paid Cromwell $19.2 million for it five years ago.

Colliers International’s Gavin Bishop and Sean Thompson with CBRE’s Chris O’Brien, Elijah Shakir and Rory Hilton were the marketing agents.

The two other assets, in Victoria, include 21-27 Marshall Court, Altona – a 1.76 hectare holding with buildings occupied as a distribution centre providing a lettable area of 15,285 sqm, which APPF has acquired for $20.6 million.

This property, about 13 kilometres south-west of the Melbourne CBD, was marketed by Dawkins Occhiuto’s Andrew Dawkins.

APPF is also paying $21.5 million for three industrial land lots known as 13E to G in the Westside Industrial Estate, at the corner of Leakes and Palmers roads in Truganina (a map of the estate, with APPF’s property’s shaded green, is pictured, bottom).

Negotiated directly with the vendor, Goodman Group, part of this parcel is making way for an 18,242 sqm building. Truganina is about 22 kilometres west of the CBD.

The acquisitions were reported by several news outlets today.

The deals come a month after another major institutional player, Dexus, spent $188 million on three industrial properties – in Sydney, Melbourne and Brisbane.

The masterplan of Goodman Group’s Westside Industrial Estate. Lendlease’s APPF Industrial Portfolio is acquiring the parcels shaded green.

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Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au