Blackstone is selling a modern logistics facility in Sydney’s outer west, to Fife Capital

The result for 78 Templar Road, Erskine Park – a 22,468 square metre warehouse on 4.13 hectares leased to DHL – is as yet unknown but based on a 5.5 per cent yield, would circle $56 million.

The price would exceed $60m if the return reflected a circa five per cent return.

Cushman & Wakefield’s Tony Iuliano, Adrian Rowse and Chris Jones are the agents.

Erskine Park is about 38 kilometres west of the CBD.

The deal comes six years since Fife completed a landmark 100,000 sqm office/warehouse in Melbourne’s north, originally meant for Kaufland, but later leased to DHL.

78 Templar Road

The Templar Rd property was completed for DHL in 2019 (continues below).

The agents said rent should uplift nearly 70 per cent upon expiry of the current term in 2029.

Erskine Park is highly constrained with less than 10ha of active industrial land supply, they added.

The deal comes nine months since Blackstone sold an Eastern Creek industrial investment.

That buyer was Gateway Capital.

The price was $75m.

In 2025 Blackstone bought a business park in Brisbane’s Cooper Plains for $89.6m from Goodman.

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Aldi has pre-committed to a landmark 102,000 square metre high-tech distribution centre in Melbourne.

Charter Hall on behalf of the Prime Industrial Fund (CPIF) will deliver and hold the temperature-controlled facility within the Tarneit Logistics Hub at 1005 Boundary Road.

Launched last year, the estate is master-planned with eight buildings on sites up to 10 hectares.

All properties are designed around hardstand approved for B-Double trucks.

Warehouses have clearance up to 15 metres.

Concrete slabs can handle loads of at least eight tonnes.

Tarneit is about 25 kilometres west of town.

Landmark facility

The Tarneit Logistics Hub will spread 20.92ha.

The Aldi facility, facing Tarneit Rd, will be automated with offices, focusing on environmental sustainability.

At 102,000 sqm, it will be one of the city’s biggest industrial properties; since last year, a 209,000 sqm, four level Amazon distribution centre at Craigieburn has held that title.

For four years prior, the largest was a 100,000 sqm warehouse which started construction planned for Kaufland. Fife Capital paid c$83m for that property prior to completion.

Goodman also recently developed a 115,000 sqm shed at Truganina for Metcash before selling it to Barings and Rest Super.

Aldi recommits to extended Brisbane facility

Also this week, the German supermarket giant recommitted to a Brendale, Brisbane, facility, held by the CPIF (continues below).

As part of that eight year deal, that property will be extended with a 9000 sqm freezer; completion is scheduled June.

Then, it will contain 22,500 sqm.

Brendale is about 20 kilometres north of town.

Also this week in Brisbane’s North Maclean, in the outer south, Amazon secured a site within Charter Hall’s Flagstone Logistics Estate for a 150,000 sqm multi-level fulfilment centre.

Major tenant client

The Tarneit lease commitments will bring the amount of space Aldi rents from Charter Hall’s Industrial & Logistics Partnership to 378,000 sqm.

The bulk comes from a portfolio Charter Hall bought from the supermarket with a leaseback in a landmark $648m deal in mid-2020, then added to six months later, spending another $281.4m.

Factoring in retail assets controlled by the asset manager, Aldi leases 407,000 sqm across 27 addresses.

“As demand for industrial and logistics space continues to outpace supply, it’s increasingly difficult for businesses like Aldi to be able to secure large scale sites that allow for automation while also having proximity to major infrastructure and metro areas, enabling effective cost management and supply chain efficiency,” Charter Hall Industrial & Logistics chief executive officer, Richard Stacker, said.

“The expansion of our partnership with Aldi reflects the strength of our relationship and the value that our scale and national footprint provides our tenant customers particularly those that are heavily investing in strategic growth across the country,” according to the executive.

“Importantly, by curating a portfolio of high quality, well located best in class assets across the country, we’ve demonstrated our ability to attract, retain and partner with our valued tenant customers as their businesses grow while also delivering sustainable returns for our CPIF investors,” he added.

The deal comes less than a week since we reported Mitsubishi Estate Asia and CPIF would build a 41,000 sqm distribution centre at Laverton North, also in Melbourne’s west, on a speculative basis.

The end value of that asset is speculated to be c$500m.

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Argus has sold an outer north Brisbane homemaker centre bought five years ago – as the country was adjusting to coming out of lockdown.

HomeCentre Morayfield (pictured, top) traded off-market for $48 million – a 5.75 per cent net passing yield.

It paid HMC Capital $28.85m – three per cent over book value.

At the time, the property was branded a HomeCo.

The on-sale was brokered by Stonebridge Property Group’s Philip Gartland.

It comes 11 years since Primewest, nowadays owned by Centuria, paid $34.75 million for the neighbouring large format retail complex, Morayfield Homestyle, 343 Mayfield Road.

On 2.95 hectares with 250 car parks, BCF, the Good Guys and Silly Solly’s are amongst the occupiers there.

Late last year, Gordon Corp sold Morayfield Village, on 1.69ha with 6916 sqm, for $24.625m.

This week meanwhile we reported Inchcape offloaded a major car dealership investment in the suburb – 247 Morayfield Rd.

Plantation Capital was that buyer, for just over $13m (continues below).

Morayfield is about 46 kilometres from town.

HomeCentre Morayfield

On 2.83ha at 321-343 Morayfield Rd, HomeCentre Morayfield contains 11,322 square metres in six tenancies, occupied by Nick Scali, Pillow Talk, the Salvation Army, Super Amart, Super Cheap Auto and Sydney Tools.

The weighted average lease expiry by income is 4.04 years.

It and Morayfield Homestyle are opposite the 7.95ha SuperCentre Morayfield, held 10 years by LaSalle Investment Management which paid $75m in 2015.

“This discreet off-market sale reflects the confidence sophisticated/best in class institutions currently have in high quality retail assets with strong fundamentals,” Mr Gartland said.

“With a fully leased profile and national tenant mix, HomeCentre Morayfield offers exceptional security and growth potential,” he added.

More to come.

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Gordon Corp has sold a Moreton Bay large format retail complex bought five years ago from Kaufland.

The Gold Coast based developer and investor banked $24.625 million for Morayfield Village, 46 kilometres north of Brisbane’s CBD.

It outlaid $10.5m.

Kaufland only held about a year, intending to repurpose it as a hypermarket to occupy, before deciding against expanding to Australia.

The Germany based retailer paid Bob Ell’s Leda Holdings $20.5m.

The incoming owner comes from Sydney.

The result reflects a 6.87 per cent net passing yield.

Refurbished asset

On 1.7 hectares with 269 car parks at 177-189 Morayfield Road, Morayfield Village contains 6916 square metres, four per cent of which is vacant, and 269 car parks.

Also exposed to Leda Boulevard and William Berry Drive, it is passed by more than 25,000 vehicles a day, the marketing agents said.

There are three large tenancies, occupied by Repco, Choice The Discount Store and Mr Toys, and eight specialty stores. Bank of Queensland and Subway are other tenants.

The improvement covers 40.6pc of the site.

It neighbours Morayfield Shopping Centre, with 59,300 sqm anchored to Aldi, Big W, Coles, Kmart and Woolworths.

Gordon Corp, led by Tim Gordon, refurbished in 2021.

It was represented for the sale by Colliers’ Harry Dever and James Wilson with JLL’s Ned McKendry and Jacob Swan.

Morayfield is about 61 kilometres south of the Sunshine Coast.

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MLC Asset Management has plugged a 1200 square metre vacancy at a large format retail investment in Melbourne’s east – managed for IOOF, which bought it mid-last year.

With the deal to Sydney Tools, the Chirnside Lifestyle Centre at 266-268 Maroondah Highway is full.

The asset was the maiden Victorian investment for the AM Property Plus Trust, part of the Direct Property Portfolio.

IOOF paid $50 million – reflecting a 5.3 per cent yield – for the then six month old, fully leased, 11,000 sqm asset, promoted for its 7.7 year weighted average lease expiry.

Vendor, Troon Group and MaxCap snared the 3.5 hectare block which made way for the complex for $14.3m in 2020.

Rent uplift

Sydney Tools is paying 20pc more than the outgoing tenant for the Chirnside Lifestyle Centre space (story continues below).

Leedwell’s Chris Parry, Tom Perkins and Nick Segran are the leasing agents.

The complex also contains 286 car parks.

Five years ago, the parcel was earmarked for a Kaufland – before the Germany based retailer made the surprise decision in early 2020 not to open in Australia.

Chirnside Park is 32 kilometres from Melbourne’s CBD.

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Woolworths’ development arm has bought a prominent ex-Bunnings in recent years earmarked for a Kaufland.

Fabcot paid $20.5 million for the 4.038 hectare holding – 393 Pacific Highway, Belmont North, south west of Newcastle, with a 12,820 square metre warehouse and 290 car parks.

A neighbourhood shopping centre is planned within the walls containing specialty stores and a full line supermarket.

Part of the proposed project will accommodate a Direct to Boot lane.

BWP Trust was the seller.

Bunnings quit the site for a Bennetts Green outlet over five years ago.

Kaufland later committed, before making the surprise decision in early 2020 not to open in Australia (story continues below).

During COVID, the property became New South Wales’ second vaccination centre.

The deal comes 11 months since we reported Fabcot offloaded a modern Bomaderry mall – with 5451 sqm – for $41.85m.

Five weeks ago meanwhile, it sold the recently completed Kirrawee Shopping Centre, south of Sydney, to Revelop.

With 4500 sqm, it fetched $39.95m.

CBRE’s Michael Hedger and Joe Tynan were the agents.

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Troon Group and MaxCap have sold a Chirnside Park large format retail investment developed on a block bought from German hypermarket chain Kaufland in early 2020.

The Chirnside Lifestyle Centre at 266-268 Maroondah Highway is trading for just over $50 million, reflecting a sub 5.3 per cent net yield.

IOOF is the buyer, the asset will be held by the AM Property Plus Trust, part of the Direct Property Portfolio, managed by MLC Asset Management, the investment division of ASX-listed Insignia Financial Group.

The investment will be the fund’s maiden in Victoria.

Last year, the Melbourne based manager, for that trust, paid $41m for a Barton office, home to the Australian Medical Association, BAE Systems and Spirit Super.

That vendor was Quintessential Equity, which outlaid $16.5m in 2017 then renovated.

In 2021, meanwhile, IOOF acquired Minchinbury’s Great Western Centre homemaker centre – outlaying $68m.

Colliers’ Tim McIntosh, James Wilson and Mike Crittenden with Stonebridge’s Justin Dowers, Kevin Tong and Philip Gartland marketed the Chirnside Lifestyle Centre.

Third development for Troon, MaxCap

Troon and MaxCap constructed the 11,000 square metre Chirnside Lifestyle Centre on 3.5 hectares of a (3.9ha) Commercial 1 zoned site Kaufland had earmarked for a store before making the surprise decision not to open in Australia.

The developer and financier paid $14.312m.

It was the pair’s third project: the others, which were sold-down in late 2020 and early 2021, were the Ballarat Lifestyle Centre at Delacombe, which collected $12.9m and a renovated Surry Hills office – formerly the Salvation Army’s headquarters – that traded for $28m.

The partners also three years ago divested a Narre Warren car yard leased to Jowett Motor Group for a BMW dealership, for $17m to Eildon Capital.

At Chirnside Park, meanwhile, Troon and MaxCap offloaded the balance 4000 sqm of the block to fast food chains KFC and McDonald’s, which since opened restaurants.

Also in the pocket is a purpose-built Dan Murphy’s bottle shop which sold for $12.52m in mid-2020.

That seller, George Kepper, was the one who sold the Maroondah Highway site which made way for the Chirnside Lifestyle Centre, to Kaufland (story continues below).

Chirnside Lifestyle Centre

Completed in December, the Chirnside Lifestyle Centre is fully leased; tenants include Baby Bunting, Chemist Warehouse, Fantastic Furniture, Harris Scarfe and Supercheap Auto.

The Weighted Average Lease Expiry is 7.7 years.

There are also 286 car parks.

Given the zoning, the block has longer term development upside which could include offices and residential.

“The benchmark result reinforces the depth of buyer demand we continue to experience for bulletproof retail investments,” Mr McIntosh said.

“Chirnside Lifestyle Centre offers all the key investor ingredients, with a core metropolitan Melbourne location, significant weighting to national retailers on long leases, attractive rental growth and backed by underlying land value,” he added.

“The successful sale represents our second LFR transaction with the AM Property Plus trust and its first retail investment in Victoria,” according to the executive.

Chirnside Park is about 32 kilometres north east of Melbourne’s CBD.

“The site occupies a prominent elevated position on Maroondah Hwy in an established retail precinct with 38,000 cars passing daily,” Troon Group managing director, Tom McInerney, said.

“Through our relationships with the major retailers, we were able to quickly secure a mix of tenants that complement the precinct and de-risk the project with MaxCap,” he added.

The property will be the first in Victoria for the AM Property Plus trust.

“Being a brand new construction with annualised growth, Chirnside Lifestyle Centre will become w welcome addition to our LFR portfolio, given its strategic location in a rapidly growing area with opportunities for future development,” MLC Asset Management manager, Mark D’Arcy-Bean, said.

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Munich family office AM alpha has flipped an Adelaide wine distribution centre after 14 months.

The group is banking $121 million for the 10.95 hectare intermodal facility at 123-145 Pellew Road, Penfield – a price speculated to reflect a c4.3 per cent yield.

It paid SCT Logistics $98m – a 5.1pc return.

Fife Capital is believed to be the latest buyer.

JLL’s Adrian Rowse and Tony Iuliano were the agents.

Penfield warehouse

The Penfield property contains 45,000 square metres of lettable area in two buildings constructed in 2014 and 2019.

Treasury Wine Estates is the occupier on a lease expiring in 2030 (story continues below).

Part of the block could be developed immediately.

The deal comes a week since we reported Fife fully leased a small Port Melbourne industrial project under construction.

Last year, the fund manager acquired a portfolio of commercial assets from the family of late Len Buckeridge.

The group also acquired the Kaufland distribution centre, in Melbourne’s north Mickleham, in 2020.

Colliers’ John Marasco, James Wilson and Tim McIntosh brokered that deal.

Penfield is 28 kilometres north of Adelaide.

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Fife Capital has leased up a small Port Melbourne light industrial estate prior to completion.

The business park, 39 Wharf Road, will contain four office/warehouses ranging from 435-742 square metres.

Offices will comprise a high c20 per cent of some unit’s area.

Sharp and Markham Global are amongst the tenants.

The net rent circles $240 per square metre, per annum.

Fife on fire

Fife was an active purchaser during the COVID period, in May, 2021, paying the family of Len Buckeridge c$200m for a portfolio of 39 commercial properties across the country (story continues below).

Not long earlier the group paid outlaid a speculated $48m for adjoining Sydney CBD offices. That vendor was publican Kim Maloney

In 2020, Fife paid Kaufland $83m for a vacant 28ha Mickleham, Melbourne, distribution centre, after striking a 10 year lease deal with DHL.

Three years ago, the manager acquired the 4.9ha former NEC headquarters, in Mulgrave, as an industrial development play.

“We continue to see strong demand from industrial tenants seeking high quality,” Lemon Baxter’s Chris Chartres, who leased 39 Wharf Rd with Ben Hackworthy, said.

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Self storage giant Kennards has paid $35 million for a former Masters store in Melbourne’s north Roxburgh Park.

The off-market deal for 1550 Pascoe Vale Road was with HMC Capital, formerly known as Home Consortium or Home Co.

The seller acquired the property vacant, as part of a $725m portfolio six years ago.

Kaufland was in negotiations to occupy it, before in early 2020 making the surprise decision not to open in Australia after establishing a development pipeline.

Redevelopment planned

Kennards is paying 52 per cent over the December, 2021, book valuation.

Only 1718 square metres – about 15pc of the (11,073 sqm) lettable area – is tenanted (story continues below).

The buyer intends to move into the vacant component while redeveloping the balance of the 5.4 hectare Commercial 2 zoned block with retail and fast food.

Savills’ Peter Tyson, Callum Stenson and Rick Silberman were the agents.

Their deal comes two months since HMC sold Troon Group a 4.3ha Masters-converted retail investment, in east Knoxfield, for $45m.

That asset previously traded within HomeCo divisions for $28m in 2020.

Last September, meanwhile, HMC agreed to pay $21.5m for a 1.1ha mall at Armstrong Creek, between Geelong and Torquay.

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