Tartak family shed 3M warehouse
Pittwater Industrial has snapped up a fully leased west Sydney investment for $18.25 million – a low 4.71 per cent net passing yield.
The two year old asset on 5047 square metres at 2 Hume Road, Smithfield, was offloaded by the Tartak family’s Skylife.
3M is the occupier, the standalone improvement contains 3007 sqm.
The warehouse has a high 13.7 metre clearance accessed via three roller doors.
Revest Property Group’s Elijah Shakir was the agent.
Pittwater builds local portfolio
Skylife paid the Living World Worship Centre $6.4m for 2 Hume Rd in 2021.
It then contained a 1314 sqm office/warehouse and 22 car parks.
That seller outlaid $4.9m two years earlier.
Sydney based Pittwater was established four years ago by ex-Urbanest directors Ted Hawkins and Dave Munro.
Last June we reported the group bought an Ingleburn asset with a 10 year leaseback to Pax Australia.
The group’s portfolio also includes properties in Mascot, Eastern Creek, and another in Smithfield – acquired in 2022 from Bob Ell’s Leda Holdings.
The Tartak family, led by brothers Mark and Daniel, in 2021 banked c$455m selling the waste management and recycling company they created, Bingo Industries, to Macquarie Infrastructure and Real Assets for $2.3 billion.
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