Lease and sale of industrial property in Victoria

17 February 2015

Growthpoint today exchanged contracts for a short term lease followed by a sale of its industrial property at 306-318 Abbotts Road, Dandenong South, Victoria.

Sale transaction

The key terms of the sale are:

Property 306-318 Abbotts Road, Dandenong South, Victoria
Purchaser ABBRD Pty Ltd
Sale Price $7.7 million (equal to current book value)
Expected completion date April 2015
Lettable area 10,714sqm
Land area 25,830sqm


Lease transaction

The property has also been leased to XL Lubricants Pty Ltd for five and a half months from 16 February at a rent of $300,000. The lease and sale transactions are not interdependent.

Growthpoint's Managing Director, Timothy Collyer, commented:

"This transaction removes the sole vacancy in Growthpoint's industrial portfolio, which is now 100% leased. Growthpoint may consider further sales if other opportunities to improve the portfolio arise, but is otherwise determined to grow its asset base."