St Marys industrial centre changes hands for $72.85 million
In one of the biggest Sydney industrial sales this year, listed property group Stockland has exchanged unconditional contracts on the Forrester Distribution Centre in Sydney's western suburbs of St Marys for $72.85 million.
Owned by the Goodman Australia Industrial Fund, the 12 hectare site at 40–88 Forrester Road incorporates three warehouses totalling 60,239 square metres.
The centre is leased to ACI, a wholly-owned subsidiary of Owens-Illinois, on a 5.3 year WALE with fixed annual rental increases.
Stockland managing director Mark Steinert, said: "One of our key strategic focus areas is to grow our industrial business as a core part of our diversified portfolio.
"This asset is a strong addition to our industrial portfolio and demonstrates our disciplined approach to buying accretive assets in key, strategic locations.”
Stockland outlined its industrial strategy in May and the Forrester Road property represents the first purchase under that new direction. It also adds to Stockland’s existing industrial portfolio, which at June 30, 2013 stood at 13 industrial properties with a combined gross lettable area (GLA) of 963,047 square metres and a total value of $0.83 billion.