Derrimut, on the outskirts of Melbourne Victoria
The industrial outskirts of Melbourne, Victoria. Photo – Canva.
  • An office and warehouse space in Derrimut, Victoria, is the third asset in the fund
  • Logistics firm Goodwin has committed to a new seven-year lease
  • MPF Diversified Fund No.3 is looking to build a $60M to $80M fund across Australia

Commercial funds management company, Mair Property Funds, has acquired a third asset for its MPF Diversified Fund No.3, an office and warehouse space in Derrimut, Victoria, for $6.2M.

Located within the Paramount Industrial Estate, the facility sits on a land area of 10,600 square metres with a building area of 2,860 square metres that was purpose-built for the current tenant in 2016.

“This purchase looks to further diversify our portfolio and is the first asset we have purchased for this fund outside of Western Australia,” said Alex Lambert, Head of Commercial Funds at Mair Property Funds.

Mr Lambert was pleased with the recent improvements, as well as the commitment by the tenant – Goodwin Freight Services, a logistics company – to a new seven-year lease.

“The warehouse was purpose-built for Goodwin in 2016 but the facility remains generic enough for multiple uses with its low site coverage and significant handstand,” Mr Lambert said.

Simon Worth, Head of Capital Transactions at Mair Property Funds, said the industrial facility was a strong addition to the portfolio.

“The investment is underpinned by its high underlying land value and is very well located 16km west of the Melbourne CBD, providing easy access to major arterial roads including the Western Ring Road, Western Freeway and Westgate Freeway,” he said.

“This industrial hub west of Melbourne provides direct links to the CBD, Port of Melbourne and Tullamarine Airport, and these positive attributes help attract quality tenants to the area.”

MPF Diversified Fund No.3 is targeting a well-balanced, diversified commercial property portfolio with a total value of between $60M to $80M across Australia.

The Fund is close to finalising its next acquisition in Queensland which will take its asset base to a total value of over $40 million.




You May Also Like

“Sydney setting the pace”: CBD office rents march higher

Cushman & Wakefield’s quarterly Office Marketbeat reveals 2.9% quarter-on-quarter uplift in Sydney

Canberra office market shows impressive resilience and growth

The market is underpinned by low vacancy, large developments in the pipeline and strong rental growth

Accenture and Lendlease to expand data insights platform

The platform which uses AI and virtual reality will be expanded to increase digital and in-store visits.

Demand for life science assets on the rise in Australia

Australians are getting older and this is contributing to the increase in demand for life science assets across Australia

Top Articles

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award ...

This year's awards include several brand new categories, with entries closing 2 August 2024.

Housing crisis survival guide: How to buy your first Australian property

Three property experts give the low down on how to nab a home in this tough housing market.

Strata properties as investments: All you need to know about investing in a Perth unit

As the cost of renting approaches the cost of a mortgage, more people are investing in units to escape the rental trap.