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Wholesale Australian Property Fund’s profitable acquisition


The Wholesale Australian Property Fund has acquired an industrial estate in Melbourne that is expected to deliver an income return of close to 8.0% this year.

The Wholesale Australian Property Fund recently acquired a $36.2 million industrial unit estate in Melbourne. This acquisition is expected to deliver an income return of approximately 7.9% this year, and takes the value of the direct property portfolio to $554 million.

About the property

The industrial estate is located in Port Melbourne, approximately two kilometres southwest of the Melbourne CBD. Port Melbourne is currently undergoing a period of widespread gentrification from a traditional industrial hub, to high-tech creative uses.

The site is less than 400 metres from the Fisherman’s Bend region, which has recently been rezoned for medium and high-density living. It also benefits from strong transport links with access to the CityLink toll road, the Princess Freeway, Westgate Freeway, Monash Freeway and the Western Ring Road.

Constructed in the 1940s, the property comprises an industrial complex featuring various office and warehouse units, and was refurbished and extended in the late 2000s. It occupies a prime corner location and is fully-leased, with tenants in the estate include Ability Press, Couriers Please, Total Tools, George Feathers, Sensory Lab, Goodstart Early Learning and St Ali.

Ability Press are the largest tenant within the estate and have recently committed to a new 10-year lease.

Portfolio adjustments

The acquisition has increased the portfolio’s weighting to the industrial sector to 36.1%, and has reduced its weighting to the New South Wales region to 60.9%.

The transaction will be funded from cash, with the Fund’s debt gearing remaining unchanged at zero.

The Wholesale Australian Property Fund is open to applications.

Want to find out more?
For further information, please contact AMP Capital on 131 737 or visit the Wholesale Australian Property Fund page.

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