Dexus Offloads Industrial Lots in Melbourne’s West for $25m

Dexus has offloaded two large lots in its Dexus Industrial Estate project in Melbourne’s western suburbs,

The real asset investment group has soled 30,170sq m of land across two lots for $25.3 million at 20 Distribution Drive, Truganina.

Mapei, a building materials company, bought a 19,940sq m lot while manufacturer Protect Aluminum bought a 10,230sq m lot.

The sale was managed by CBRE’s Tom Murphy, Harry Kalaitzis and Fergus Pragnell. 

“Mapei and Protector Aluminum are examples of owner-occupiers whose trade is supporting the need to upgrade and upsize their industrial facilities,” Murphy said.

▲ Dexus last month sold its Axxess Corporate Park business park in Victoria for a 7.4 per cent premium on its December, 2022 valuation.

Companies including Coles, CUB, Toll and Secon Logistics have established presences at the estate.

Dexus is continuing to sell more development-ready allotments in Victoria and has listed three allotments in its Horizon 3023 Estate.

These new three allotments are in the centre of the estate in Ravenhall, with access to the Western Freeway.

The Horizon 3023 Estate has distribution centres for the likes of Amazon, Nike, Mitre 10, Myer and lululemon.

“Melbourne’s west is still largely undersupplied for zoned industrial land and this transaction sets a precedent for zoned parcels of this size,” Kalaitzis said. 

It is an intriging move by Dexus, which recently announced that its chief executive Darren Steinberg would step down after more than 11 years in the role.

This year Dexus also sold the 19.6ha Axxess Corporate Park in the second biggest employment zone outside the Melbourne CBD—the Monash National Employment and Innovation Precinct—for more than $300 million.

It also announced in July that it was progressing to the second stage of its Waterfront Brisbane project, which has an estimated end value of $2.5 billion.