Trilogy buys, sells modern investments
Trilogy Funds has bought a new purpose-built investment near Darwin International Airport for the Industrial Property Trust.
Part of the Berrimah Industrial Estate, 2 Pak Street set it back $6.912 million – a 6.3 per cent net passing yield.
With 3192 square metres, including modern offices and a high clearance warehouse, it is occupied by Tyremax as a distribution centre.
The initial lease runs eight years.
There are two five year options.
The 6612 sqm site at the north east corner of Vaughan St also contains 36 car parks.
“The acquisition aligned with the trust’s strategy of targeting industrial assets that deliver income security and long-term growth potential in strategically connected locations,” Trilogy Funds Head of Property, Laurance Parisi, said.
“This is a high-spec asset that’s been custom designed for a national tenant with deeply embedded operations in the Northern Territory,” he added.
“Tyremax services a wide footprint of regional and remote customers across northern Australia,
particularly the mining and agribusiness sectors and this facility supports its long-term distribution capability in a critical catchment,” according to the executive.
“Darwin’s role as a northern logistics hub and the scarcity of comparable industrial products in the market added further strength to the investment” (continues below).
The trust now holds 17 assets worth a total $308m.
Milton office sale
Meanwhile, Trilogy has sold an inner west Brisbane office held eight years by the single-asset Milton Office Trust.
In a deal also sealed last month, it collected $19.686 million for 16 Marie Street, pre-adjusted for outstanding incentives, rental guarantee and capital expenditure requirements.
Over five levels, the investment contains 3901 sqm of A-grade rated space, 90 per cent which is occupied, and 52 car parks.
The NABERS Energy rating is 4-star.
The site spreads 1206 sqm zoned Light Industry, about two kilometres from the CBD.
Colliers’ Sam Arkell and Hunter Higgins with Knight Frank’s Blake Goddard and Matthew Barker were the agents.
Based on the fully let annual return – $1.764m – the result reflects an 8.9pc yield.
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