Fund manager Mair Property secures two Melbourne commercial properties in $20m deal

Fund manager Mair Property secures two Melbourne commercial properties in $20m deal
Fund manager Mair Property secures two Melbourne commercial properties in $20m deal

Perth-based fund manager Mair Property Funds (MPF) are set to buy two commercial properties in Melbourne for a combined $20.3 million.

The properties are in Ravenhall and Altona North.

The Ravenhall property, in the Orbis Business Park was built in 2010 and has a land area of 13,930 square metres. The 6,888sqm building is occupied by Australian Pipe and Tubing with a 15-year lease until 2031.

The Altona North property is an industrial warehouse built in 2008 with a land area of 18,410sqm. The 10,056sqm building is occupied by Grace Records Management with a recently agreed 8-year lease that expires in 2025.

Peter Melling, MPF acquisitions manager said the two high-quality assets were identified for their favourable locations and strong lease agreements, which would help bolster the trusts revenue security and income diversity.

“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,” he said.

“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.

“Both properties also offer strong lease covenants with reliable tenants providing investors with a steady income stream.”

Upon completion of the acquisition, the properties will be included in MPF’s Diversified Property Trust, which already holds four commercial assets.

These include 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).

The acquisition of the Ravenhall and Altona North assets takes the value of properties under management by MPF to $208 million.

Tags: 
Commercial Investment Industrial Sale

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