IOOF Investment Management Buys $24 Million Industrial Asset, Derrimut

IOOF Investment Management Ltd has paid $24 million for a 27,000 square metre industrial facility in Melbourne’s west.

The Derrimut investment is within Australand’s West Park Industrial Estate – a 290 hectare industrial park located fifteen kilometres from town on Boundary Road, abutting the Deer Park Bypass.

Just over a year ago IOOF paid $19 million for another asset in the Australand estate. Other West Park occupants include Mitre 10, Freight Specialists, La-Z-Boy and Bed Bath N’Table.

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AirRoad Logistics Leases New Derrimut Headquarters

AIRROAD Logistics will relocate its headquarters from Laverton North, to an as-yet-unbuilt 21,500 square metre office warehouse at the Paramount Industrial Estate, in nearby Derrimut, after signing a 10-year lease for an Elgar Road facility.

Colliers International’s Stephen Newsham and Nathan Bingham negotiated the pre-lease for the land owner, a private investor.

Sources speculate market rents at Paramount circle $57 per square metre, per annum before incentives (a rental discount offered to tenants, usually in the form of a rental discount, or contribution to fit-out).

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