Lendlease quietly sells Melbourne business park
Lendlease has quietly sold a south east Melbourne business park to agent-turned-investor and developer, Anthony Wilson, who has already started the process of selling it down for a profit.
The 10-unit estate at 450-466 Princes Highway, Noble Park North, cost Mr Wilson’s Terraplex $44.6 million in July.
Already subdivided, three of the units have since been onsold for an average 44 per cent premium, pre-acquisition costs.
The balance will be divested over the next 18-24 months.
Lendlease held the asset on behalf of the Australian Prime Property Fund Industrial.
JLL’s Jack Kelliher, Ben Hegerty and Joel Scully were the agents.
Another site sell-down
Terraplex is buying and selling down the asset on behalf of an opportunity fund which closed oversubscribed prior to settlement.
On 4.04 hectares zoned Commercial 2, there is a total 22,084 square metres of lettable area.
Five units face the Princes Hwy (story continues below).
Average rents are about 20pc below market, Terraplex partner, Rob Wallace, said.
The purchase price is below replacement cost too, he added.
About 25 kilometres from town, the property also includes 386 car parks.
“Our research indicates there is a strong demand from both tenants and owner occupiers for this type of product/location and the calibre of the existing tenant base such as Verbatim and Sime Darby will be popular to private investors,” according to Mr Wallace.
The balance of the units are saleable.
Last September, Terraplex sold down the last piece of South Melbourne’s Emerald Hill Terraces – a retail asset acquired as a whole in 2015 with a similar mandate to 450-466 Princes Hwy, Noble Park North.
Stonebridge’s Nic Hage, Rorey James and Sarah Xi acted for the group.
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