Pellicano sells Ravenhall industrial investment for $17 million
EXCLUSIVE
The Pellicano family has sold a large, modern and fully leased Ravenhall factory, off-market, for $17 million.
The deal for 11-17 Business Park Drive is being struck on a 5.78 per cent yield – which is low for Melbourne’s industrial market.
The return is even more impressive when it is factored in that the facility has a weighted average lease expiry (WALE) of just 3.1 years.
On the north west corner of Rockfield Way, the 2.3 hectare site contains two warehouses with a total gross lettable area of 12,880 square metres.
The site is at the centre of Pellicano’s Orbis business park, which sits between several new housing estates and the Deer Park Bypass, Dame Phyllis Frost Centre, Ravenhall Correctional Facility and the Metropolitan Remand Centre.
Ravenhall is about 21 kilometres west of the city.
JLL’s Tony Iuliano and Adrian Rowse represented the vendor, which controls about 800,000 hectares of land, on which it builds predominantly industrial stock, like 11-17 Business Park Drive, to sell.
The Ferntree Gully based Pellicano also maintains a stable of commercial investments.
In late 2018, it sold an unbuilt Ringwood office investment co-owned with Camlen Property Group, to a Macau based private investor for $28.3 million.
Last April Pellicano paid about $11 million for an office with development upside at 207 Victoria Parade, Fitzroy, in Melbourne’s inner north.
In July the family sold a $9.75 million Centre Road, Bentleigh, commercial building, owned for 30 years.
