Goodman swells industrial portfolio
In a separate transaction, the Goodman Australia Industrial Fund acquired a 1.98 hectare site in Rosebery for $37.4 million. It is zoned industrial and comprises three buildings with a total leasable area of more than 19,600 square metres.
The Sydney Corporate Park and Rosebery acquisitions consolidate Goodman's leading presence in the industrial market and increase its total south Sydney portfolio to more than $2.1 billion.
Sydney Corporate Park was one of the largest acquisitions in the area for some time, and the high price pointed to the demand and low supply of sites in the south Sydney and surrounding areas industrial property market. Most development sites are being snapped up by investors for residential projects.
This was evidenced by Mirvac, which recently acquired a prime residential development site in Bondi for $53.5 million from the Benevolent Society.
It is located at 18-22 Ocean Street and has the potential to deliver more than 200 residential dwellings as one, two and three bedroom apartments at mid price points.
Goodman general manager Australia Jason Little said Sydney Corporate Park was a strategic long-term asset for the fund's portfolio. It would add value through site improvements.
"We are well positioned to deliver this ... to attract additional quality customers and delivering long-term value for GAIF's investors," Mr Little said.
He said the park was one of the largest land parcels in the area, located at the southern end of O'Riordan Street and bounded by Bourke Road and Doody Street.
The property comprises a mix of industrial and business space, accommodating more than 80 clients.
Frequently Asked Questions about this Article…
The Goodman Group recently acquired the Sydney Corporate Park in Alexandria for $343 million and a 1.98-hectare site in Rosebery for $37.4 million, boosting their industrial portfolio in south Sydney.
The Sydney Corporate Park is a strategic long-term asset for Goodman Group, adding value through site improvements and attracting quality customers, which enhances the portfolio's overall value.
The acquisition of Sydney Corporate Park is significant due to its size and high price, highlighting the demand and low supply of industrial sites in south Sydney and surrounding areas.
The industrial property market in south Sydney is characterized by high demand and low supply, with many development sites being acquired by investors for residential projects.
The Sydney Corporate Park was previously owned by Rathdrum Properties, which is run by the Hannan family, before being acquired by the Goodman Group.
The Rosebery site spans 1.98 hectares, is zoned industrial, and includes three buildings with a total leasable area of over 19,600 square meters.
Goodman Group plans to enhance the value of the Sydney Corporate Park through site improvements, which will help attract additional quality customers and deliver long-term value for investors.
Mirvac recently acquired a prime residential development site in Bondi for $53.5 million from the Benevolent Society, with plans to develop over 200 residential dwellings.
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