Pittwater drops another $39m in Sydney
Pittwater Industrial, formed in 2021 by former Urbanest directors Ted Hawkins and Dave Munro, has bought another investment, this time at Ingleburn.
The warehouse on a 2.48 hectare battle axe shaped block at 25 Williamson Road is costing $39.4 million from global brand contract manufacturer Pax Australia which offered it with a 10 year triple net leaseback.
The fund manager struck the deal off-market.
Pax also operates from a much larger facility next door.
Ingleburn is about 45 kilometres south west of Sydney’s CBD (story continues below).
It is also some eight kilometres south of Prestons where Pittwater in 2022 acquired a pre-committed warehouse under construction for $58.255m – a low 3.35 per cent yield.
It also holds in the west assets at Eastern Creek (pictured, top) and Smithfield, bought as part of a portfolio from Bob Ell, again two years ago, and a 3.2ha amalgamation at Milperra, purchased in 2021.
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