Skip to main content
Location

The property is situated approximately 15 kilometres north of the Melbourne CBD in the Northcorp Industry Park, a well-established industrial precinct. The property is strategically placed with easy access to the Hume Highway and the Metropolitan Ring Road.

Description

This purpose-built distribution facility, constructed in 1999, comprises multiple interconnecting warehouses with high-bay, sorting and dispatch areas plus a two-level office building. As expected, Woolworths vacated the property in February 2020. Growthpoint is developing a master plan for the site. Subject to necessary approvals, Growthpoint expects to complete and lease new warehouses progressively from FY22.

Asset summary
as at 31 December 2019
Title
Freehold
Site area
250,000 sqm
Lettable area
58,320 sqm
Occupancy
100 %
WALE (by income)
0.1 years
Major tenant
Woolworths
Valuation summary
Book value
$ 56.0 m
Valuation date
31-Dec-19
Cap rate
7.25 %
Discount rate
7.50 %
Location

The property is situated approximately 15 kilometres north of the Melbourne CBD in the Northcorp Industry Park, a well-established industrial precinct. The property is strategically placed with easy access to the Hume Highway and the Metropolitan Ring Road.

Description

This purpose-built distribution facility, constructed in 1999, comprises multiple interconnecting warehouses with high-bay, sorting and dispatch areas plus a two-level office building. As expected, Woolworths vacated the property in February 2020. Growthpoint is developing a master plan for the site. Subject to necessary approvals, Growthpoint expects to complete and lease new warehouses progressively from FY22.