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.

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