Growthpoint with Logistics buy

In a quick flip by Frasers, Growthpoint has entered into a $40m contract to acquire a 5.0ha site in Truganina.

The site is in the Wyndham Industrial Estate being developed by Vaughan Constructions. Frasers acquired the site from Vaughan in August 2018 in a land and fund through deal valued up to $37m. The Maker Place site has a land area of 49,810 sqm and will accommodate two office and warehouse buildings totaling 30,885 sqm, and 161 car spaces.

The building is fully leased to HB Commerce Pty Ltd for 3.1 yrs and provides an initial yield of 5.8%. Frasers are familiar with the precinct as they are developing the nearby 310ha Westpark Industrial Estate which has frontages to Mount Derrimut, Boundary and Robinsons Road.

The estate has recently secured Ceva Logistics to a new 10-year lease for a 37,177sqm purpose-built warehouse and National Tiles secured a 14,871sqm building for six years.

With limited 5ha available at Westpark, it is likely Frasers saw the opportunity to take the enquiry by HB Commerce to the new deal at Wyndham Industrial Estate for a quick re-sale.