Warrington Property sells Melbourne industrial park for $42 million

Perth-based Warrington Property has sold a 5.6 hectare logistics centre near the Melbourne Airport to Centuria Industrial REIT for $42 million.

Cargo Park at 1 International Drive, Westmeadows (pictured top and left), is an industrial estate containing 25,866 square metres of building area, about 17 kilometres north-west of the CBD.

Recently undergoing a $7.1 million refurbishment, the complex is 87 per cent occupied.

The property abuts the former Age printing plant, a 5.95 hectare site at 31-69 Western Avenue, which in 2015 sold to Zagame Automotive, an owner-occupier, for $16 million.

It also straddles the northern side of the Tullamarine Freeway on its route to the city from the airport.

“The acquisition of Cargo Park is consistent with our strategy to invest in fit-for-purpose, quality assets in established strategic locations,” IP Fund Manager Ross Lees said in this statement. “Cargo Park will add to our existing scale in the Victorian industrial sector, providing the opportunity to actively add value through our hands on, relationship-based leasing approach, which has resulted in over 90,000 sqm of new leases and renewals in CIP’s Victorian portfolio over the past 18 months”.

With this acquisition, CIP now controls a portfolio of 39 assets worth $1.06 billion, it added.

Settlement of 1 International Drive is due next month.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco