Lindum, Stamford pick up two rundown Melbourne warehouses
Lindum Property Partners and Stamford Capital Investments have snapped up two neighbouring Melbourne industrial investments with repositioning upside.
The blocks, 5-9 and 11-15 James Court, Tottenham, set the investment manager back $15.8 million following off-market deals with two buyers.
All up covering 1.67 hectares, the blended weighted average lease expiry is a low 1.4 years.
Each property contains c4600 square metre office/warehouses.
“The near term lease expiries provide scope to capture rental uplift supported by a planned refurbishment program to modernize and reposition the asset,” a spokesperson for the Sydney based buyer said.
Lindum doubles down in Melbourne
X Commercial’s Andrew Macqueen brokered the James Ct sales off-market.
Tottenham is about 10 kilometres west of Melbourne’s CBD.
The deals come six months since we reported Lindum bought neighbouring industrial investments at Kilsyth, 32 km east of town.
Spreading 2.1ha, it cost $15.15m ex-GST.
The seller was long-time occupier Toyo Ink Australia.
Subscribe to our newsletter at the bottom of this page.
