Two VIC industrial properties sold for $20 million

Perth-based fund manager Mair Property Funds has entered into agreements to acquire two commercial properties in Melbourne for $20.3 million in two off-market deals.
The properties, located in Ravenhall and Altona North in Melbourne’s west, will form part of Mair’s Diversified Property Trust.
The Ravenhall property, in the Orbis Business Park, is a modern industrial facility constructed in 2010 and located 22km west of Melbourne CBD with a land area of 13,930m². The 6,888m² building is occupied with a 15-year lease until 2031.
The Altona North property is an industrial warehouse built in 2008 and located 13km south west of Melbourne CBD with a land area of 18,410m². The 10,056m² building is occupied with a recently agreed eight-year lease that expires in 2025.
Peter Melling, Acquisitions Manager, Mair Property Funds said the two assets were identified for their favourable locations and strong lease agreements.
“Altona is becoming an increasingly important logistics hub due to its proximity to the Melbourne Port and access to the Princess Freeway and Western Ring Road,” said Melling.
“Similarly, Ravenhall is a rapidly growing suburb part of the West Growth Corridor Plan, where the population is expected to increase from 210,000 in 2016 to 377,000 people.”
Upon completion of the acquisition, the properties will be included in MPF’s Diversified Property Trust, which already holds four commercial assets in three states, including a retail premise in Maraoochydore, Queensland; a medical facility in Ellenbrook, Western Australia; an industrial premise in Henderson, Western Australia; and a retail industrial premise in Lynbrook, Victoria.