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Blackstone’s secures nearly $50m footprint in Smeaton Grange market

People & Companies / Latest News

Australia / Melbourne

Nov 26 2018

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Blackstone has secured a portfolio of four industrial properties in Sydney’s Smeaton Grange for around $50 million.

The off-market sale, conducted by CBRE, included four industrial properties spanning a total warehouse area of approximately 29,500sqm. The A-grade properties are located at 157 Hartley Road, 145 Hartley Road, 23 Anzac Avenue and 18 Anzac Avenue. 

Three of the four properties remain tenanted by the private vendor until late next year. 18 Anzac Avenue is tenanted by ASX-listed company ACM Parts. 

CBRE’s Adam Tresidder, Moshe Greengarten, Jason Edge conducted the off-market sale process on behalf of the private vendor. 

“Given the scale and quality of these properties, we identified an opportunity for the vendor to maximise returns by bundling four of their assets into one portfolio,” Mr Tresidder said. 

“Blackstone was attracted to the portfolio’s compelling investment fundamentals. Furthermore, the varying warehouse sizes also provided an ability to spread of, which was another key attraction, Mr Tresidder said. 

“We are currently seeing strong rental growth in the sub 5,000sqm market, with two of these four assets acquired sitting within this range.”  

Mr Rourke said the sale represented one of just a few industrial transactions in Sydney’s outer south west in recent months. 

“Stock supply remains tight in Sydney’s outer south west with yields continuing to compress in Q4 2018. We are seeing an increased demand for both owner/occupiers and investors down the M5 corridor on the back of major infrastructure projects and the regentrification of once industrial precincts around South Sydney,” Mr Rourke said. 

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