Sydney fund manager VIMG has snapped up a vacant, land rich industrial asset, 60 kilometres south east of Adelaide.
The ex-Big W distribution centre at 93 Ferries McDonald Road, Monarto South (pictured, top), cost the group $21.45 million in a deal agreed in December, which just settled.
The vendor, Lendlease Australian Prime Property Fund Industrial, paid $40m in 2006.
It unsuccessfully tried to sell the asset nine years later, for c$45m.
Woolworths smashed the capital value in 2019, announcing it would vacate the property purpose-built for Big W two decades earlier.
Australia’s largest, vacant distribution centre
On 36.5 hectares, containing 64,459 square metres, VIMG has branded the Monarto South site the South Eastern Distribution Centre.
It is available as a whole or in tenancies from 10,000 sqm, part of which incorporates a cool room.
There is also a two level office.
Knight Frank’s Guy Bennett and David Ludlow with One Commercial’s Joshua Charles and Simon Kent represented Lendlease – the property was marketed as Australia’s largest vacant distribution centre.
Mr Ludlow, with colleagues Marco Onorato and Darren Bensen, and CBRE’s Jon Nitschike and Shaun Timbrell, are the leasing agents.
The address is about two kilometres from the M1, which connects Adelaide and Melbourne (story continues below).
Local occupiers include APC, Adelaide Mushrooms, Inhams Enterprises, Scotts Transport and Viterra, the agents said.
Also today, we are reporting VIMG is paying Nestle a speculated $18m for a 78.2ha vacant Shepparton food processing plant.
VIMG builds development pipeline
Founded in 2009, VIMG holds a significant, diversified and fast-growing portfolio.
It recently snapped up an 11,170ha holding – less than 1000ha of which is developable – in Brereton Bay’s Lancelin, 130km south of Perth, where over 4000 dwellings are anticipated.
Its Sydney book includes high density residential development sites at Pyrmont, Macquarie Park, St Leonards and Luddenham, near the Western Sydney International Airport, which is under construction.
VIMG owns a major industrial investments in that city too, at South Granville.
The fund manager also holds apartment sites in Melbourne’s Blackburn, Box Hill, Glen Iris, Prahran and Southbank.
In 2020, the group paid Australia Post $26m for a vacant distribution centre at Brisbane’s Underwood.
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