Industrial sites on offer
Strong demand for industrial property has prompted a spate of recent offerings.
Property group Primewest has put six industrial properties in Victoria and West Australia on the market. NZ-listed logistics company Mainfreight is offloading its 29,640 square metre site in Clayton via a sale and leaseback arrangement. CBRE's Rory Hilton said Mainfreight had committed to a new five year lease with an option guaranteeing a significant rent period.
Primewest's 95,000 sq m portfolio was expected to sell for about $90 million, Colliers International agents Tony Iuliano and Wayne Chorley said. It includes four Victorian properties: a 4072 sq m office-warehouse near Tullamarine airport, a 29,281 sq m complex in Dandenong South and two office-warehouses in Thomastown leased to Amcor until mid-2016.
The West Australian holdings include four hectares of land with office-warehouse leased to Amcor in Bibra Lake and a 16,400 sq m leased facility in the Australian Marine Complex at Henderson.
"There is currently a much greater demand for scale in the market with major institutions preferring to invest in a strong, high yielding portfolio as opposed to individual assets," Primewest director David Schwartz said.