Growthpoint Properties Invests In Melbourne's East

Growthpoint Properties Australia has expanded its property portfolio with the acquisition of three industrial properties in Knoxfield in Melbourne's eastern suburbs for $56.9 million .

The three properties, with a gross lettable area of 37,694sqm, will be fully funded by debt. The properties have a weighted average lease expiry of 6.8 years.

Growthpoint Properties Australia Managing Director Timothy Collyer said: "Growthpoint is pleased to expand its industrial property portfolio with these modern warehouse property assets, leased to quality tenants, being well located in the tightly held suburb of Knoxfield.""Growthpoint continues to look for acquisitions like this which enhance distributions and the property portfolio."[urbanRelatedPost][/urbanRelatedPost]The first property at 1500 Ferntree Gully Road and 8 Henderson Road, Knoxfield was purchased for $36.55 million. The site has a land area of 40,844sqm and a lettable area of 22,009sqm and features a modern office and warehouse facility.  The major tenants are Brown and Watson International and PFD Food Services.

The second property at 6 Kingston Park Court, Knoxfield was purchased for $11.11 million.  The site has a land area of 12,795sqm and a lettable area of 7,645sqm and features a modern office and warehouse facility. The major tenant is NGK Spark Plug.

The third property is at 3 Millennium Court, Knoxfield and was purchased for $9.25 million. The site has a land area of 14,750sqm and a net lettable area of 8,040sqm. The major tenant is Orora Limited.

JLL's Matt Ellis and Andrew O'Connell negotiated the sale.