Mon 29/05/23 – A portfolio of four industrial and LFR assets Braeside and Ballarat for sale by Gross Waddell ICR

A private Melbourne family offer a portfolio of four (4) large format retail and industrial assets for sale. Known as the Commercial Collection, the Braeside and Ballarat assets for sale by Gross Waddell ICR’s Danny Clark, Andrew Waddell and Andrew Greenway together with Mindacom Real Estate’s Mary O’Halloran. 

After many years of ownership, a private Melbourne family has decided to offer for sale a portfolio of four (4) large format retail and industrial assets spread amongst Braeside and Ballarat, known as the Commercial Collection.

Gross Waddell ICR’s Danny Clark, Andrew Waddell and Andrew Greenway together with Mindacom Real Estate’s Mary O’Halloran have been appointed to run the Expression of Interest campaign which offers the potential to buy each property individually or collectively.

This Commercial Collection offers assets of varying sizes with the two (2) of the largest properties being a large industrial investment in the tightly held Braeside precinct and a large format retail investment in the ever-expanding Wendouree (Ballarat).

The large Braeside investment consists of a sprawling 28,560 sqm industrial landholding securely leased to an internationally recognised tenant, Toro Australia, paying $1,456,162.5 net per annum and offers rental reversion or value-add upside.

Wendouree (Ballarat) offers a land rich investment leased to a nationally recognised furniture giant, Amart Furniture, and returning $669,910.63 gross per annum. Residing on a substantial 16,650 sqm* Commercial 2 Zone (C2Z) landholding, further value can be extracted as its boasts 34%* site coverage only.

The 2 additional assets are modern and highly functional warehouses located at 13 Downard Street, Braeside with building areas ranging from 900 sqm – 1,224 sqm*. Each warehouse is currently leased to September or October 2024 respectively and will ultimately appeal to owner occupiers or potential investors.

Mary O’Halloran said, “This portfolio offers a diverse range of assets which have been strategically acquired over the years as they occupy prime positions within tightly held precincts. Braeside is an industrial infill precinct with limited vacancy and limited land remaining, whereas Wendouree is a proven large format retail hotspot nestled adjoining HomeCo Ballarat and Stockland’s Wendouree Shopping Centre.”

Danny Clark continues, “The 2 showstoppers are the leased investments with reputable tenants being Amart Furniture and Toro Australia. Each asset boasts significant income streams but also offer reversionary upside at market review or value-add potential (STCA) post lease expiration”.

Andrew Waddell adds, “As the industrial rents continue to rise across Australia, buyers will see value in this portfolio due to the below market rents. With close to a 25% rental growth over the past 12 months, we anticipate the rental growth story will remain strong this year and will provide opportunity for savvy investors/ value add operators”.

“The two (2) smaller warehouses in Braeside are ideal owner occupier properties as warehouses of this size are fiercely contested in today’s market, with prices achieving upwards of $3,500 per sqm of building in the surrounding area “, said Andrew Greenway.

The Commercial Collection is being offered for sale by Gross Waddell ICR and Mindacom Real Estate and will be sold via an Expressions of Interest closing Wednesday the 28th of June 2023 and enables buyers to buy each property individually or collectively.

 

Link to article:

https://www.theindustrialist.com.au/properties/2023/05/29/portfolio-four-industrial-and-lfr-assets-braeside-and-ballarat-sale-gross

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