Prime Bayswater Industrial Site Sells to Up Property for $17.5 Million

Up Property Group has added another highly sought after site to its expanding property portfolio purchasing 836 Mountain Highway Bayswater from Brix Property Group for $17.56 million.

Brix in a joint Venture with Robert Costa led Costa Asset Management purchased the site three years ago. The Industrially zoned property was sold via an EOI campaign with an 11-year lease in place to the existing tenant Rosebank Engineering. The deal was brokered by Dawkins Occhiuto and JLL.

Brix Property Group Managing Director Adam Brick said, “Brix originally purchased the site with the intent to redevelop the property following the end of the lease term with the tenant, but when Rosebank Engineering sought a 10-year lease extension Brix made the decision to sell the property and recycle the capital into other new acquisitions in Queensland and Victoria.”

“We are pleased to see Up Property take up stewardship of this asset given Up’s high level of experience in acquiring, managing and ultimately repositioning key industrial, commercial and residential assets,” said Mr Brick.

This strategic investment enhances Up Property’s commercial and industrial holding portfolio, with plans to land-bank the site for future development.

Key Facts:

• Address: 836 Mountain Hwy, Bayswater
• Land Area: 18,700 sqm
• Existing Building: 8,500 sqm (45% land coverage)
• Tenant: 10-year lease to a manufacturing tenant
• Settlement Date: Early February 2025

“This acquisition slots perfectly into our investment strategy,” said Marcus Jankie Up Property, General Manager. “The long-term lease ensures secure income growth, while the substantial landholding presents significant redevelopment potential in one of Melbourne’s core manufacturing precincts.”

“Up Property is in the market to continue to build our portfolio across all asset classes and this year we have secured a total of $38million in purchases both here in Victoria and interstate, with end values that should exceed $85million,” added Mr Jankie.

It was a competitive campaign given the tightly held location for industrial properties. One of the selling agents Walter Occhiuto from Dawkins Occhiuto commented “This campaign represented good value to a purchaser given the length of the lease, and good value to the vendor given the capital growth in the industrial market. Bayswater Industrial is very limited in supply.“