Dexus has successfully exchanged contracts to sell a trading property located at 12 Frederick Street, St Leonards for $118.5m.
The industrial estate comprising 13 warehouse and office units occupying approximately 19,400sqm of prime real estate in St Leonards on Sydney’s lower north shore will be picked up by Gateway Capital and Invesco’s Urban Infill Logistics “UIL” joint venture. The units feature modern design and high-quality accommodation ranging in size from 900sqm to 2,050sqm. The asset recently underwent a repositioning – with new signage, mechanical services, sprinkler systems and façade upgrades.
The facility is situated adjacent to the North Shore Hospital and Dexus’ recently completed North Shore Health Hub.
Gateway Capital and Invesco formed a joint venture in early 2022 to invest in urban infill industrial assets, particularly those that offered opportunities for further development. The Joint Venture has now transaction on 3 assets for the UIL this year following acquisitions at Revesby and, in Melbourne, at Altona.
The gross sale proceeds of the sale are expected to contribute approximately $50 million pre-tax trading profits to Dexus in FY23.