27/03/2019 - 14:50

Lendlease industrial fund acquires second WA asset

27/03/2019 - 14:50

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Lendlease’s Australian Prime Property Fund Industrial has added a second Western Australian property to its portfolio, investing $4.1 million in an industrial property in Gnangara’s Northlink Industrial Park.

Lendlease industrial fund acquires second WA asset
The Lendlease transaction completes Linc Property's development activities at the Northlink Industrial Park. Photo: Linc Property

Lendlease’s Australian Prime Property Fund Industrial has added a second Western Australian property to its portfolio, investing $4.1 million in an industrial property in Gnangara’s Northlink Industrial Park.

The diversified property group today announced APPF Industrial had acquired a 1.85-hectare plot at 45 Boom Street in the Northlink estate, from Linc Property.

Lendlease plans to build a 12,190 square metre industrial facility on the site, including 700sqm of office space.

Linc Property and Gibb Group are jointly developing the facility, which will be funded by APPF Industrial.

Lendlease expects the property to have a value of around $19.9 million once fully developed.

Lendlease said it had already signed a tenant for the site, records management firm Iron Mountain Australia Group, on a 15-year lease.

APPF Industrial fund manager Jonathan Harrison said the acquisition provided further diversification for the fund’s portfolio, which now comprised 34 assets across the country.

“This location north of Perth is ideally suited to logistics with excellent transport links to the Perth CBD and outer suburbs,” he said.

“Overall economic conditions for the region are positive and this is a city that we believe will see solid growth.

“The Perth industrial market, which we believe is in the early stages of recover, has the potential to deliver strong relative performance for the fund.”

Meanwhile, a Singaporean investor has acquired Sullivans Hotel on Mounts Bay Road for $11.4 million, in a deal brokered by JLL’s Nicholas Agapitos and Sean Flynn.

The hotel has 71 rooms and is rated at 3.5 stars.

Another hotel hit the market this week, with CBRE appointed to sell the Northbridge DoubleTree by Hilton hotel on behalf of Malaysian developer SKS Group.

The 15-storey hotel is expected to garner significant attention from offshore and local investors.

Perth’s hotels sector has been increasingly active transaction-wise in recent months, with BGC Development selling its Aloft Perth and Westin Perth properties.

Also in commercial property, Knight Frank Australia has been appointed to sell a 12.55ha site adjacent to Dunsborough Lake Estate in the popular South West holiday town.

The site has the potential to yield more than 100 lots.

Knight Frank capital markets partner Todd Schaffer said a concept plan for the tract of land included expansive parks and bushland, and two future ovals.

The plot is being sold by the Water Corporation and is located on Commanage Road in Dunsborough.

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