The Lendlease-managed Australian Prime Property Fund (APPF) Industrial has acquired an industrial site at 45 Boom Street in Gnangara, Western Australia.
The land area of 1.856 hectares forms part of the larger Northlink Industrial Park. The location is a more recently established core logistics precinct in the northern region of the Perth industrial market.
An industrial building with a total area of 12,190 square metres, including an office component of 700 square metres over two levels, will be constructed on the land.
On completion, the property is estimated to have a total value of A$19.9 million and will be tenanted by Iron Mountain Australia Group, which has agreed to enter into a 15-year lease. Industrial property developers Gibb Group and Linc Property are jointly developing the facility, which will be funded by APPF Industrial.
The acquisition and development of 45 Boom Street, Gnangara, will bring the Fund’s portfolio to a total of 34 assets
Quotes attributable to Jonathan Harrison, Fund Manager, APPF Industrial:
“This is APPF Industrial’s second investment in Western Australia and provides further diversification for our portfolio.
“The location north of Perth is ideally suited to logistics with excellent transport links to the Perth CBD and outer suburbs. Overall economic conditions for the region are positive and this is a city that we believe will see solid growth.
“The Perth industrial market, which we believe is in the early stages of recovery, has the potential to deliver strong relative performance for the Fund.”
Quote attributable to Matthew Gibb, Managing Director, Gibb Group:
“This development marks our first collaboration with Lendlease but is our second facility for Iron Mountain, building on our relationships-focused business model and history of repeat business.”
Quote attributable to Ben Lisle, Managing Director, Linc Property:
“The sale of this land and Iron Mountain facility to Lendlease marks the completion of Northlink Industrial Park, which has been one of our most successful industrial estate developments to date.”