A week after paying Centuria $16.1 million for a Wacol warehouse, Westbridge Funds Management has picked up a smaller one nearby.
The Park Ridge property, Lot 7 Mercantile Drive, has set it back $8.11m.
“The purpose-built waste management truck depot for Cleanaway…currently covers 939 square metres of the total 1.157 hectare land area, perfectly suiting its current purpose, while offering the ability for further development of the site in future if required,” Westbridge head of Commercial Funds, Alex Lambert, said.
“With four assets now located in the [south east Queensland] region, the acquisition of these two new assets complements the existing properties including a warehouse facility in Larapinta, leased to Linde Forklifts and a glass processing facility in Crestmead, leased to Visy,” (story continues below).
Following settlement, Lot 7, Mercantile Drive, will be slotted into the Diversified No 3 fund, which will hold seven investments and carry a 6.3 year Weighted Average Lease Expiry.
The Perth based manager is intending to buy one more property for the trust, bringing the portfolio value to $90m.
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