Ell and Stockland deals highlight industrial strength

Ell’s Leda Holdings has swooped on a site in the inner-Sydney suburb of Mascot in a $48 million play that is likely to see him eventually overhaul the property that was sold off by receivers Deloitte.

The near-14,000sqm site was billed as offering the potential for a major development that could span up to 41,000sqm. There is also income from nine existing tenants on the site that sits near Mascot train station.

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The site at 247 King St was sold by Colliers International agents William Gathercole and Matthew Meynell.

Ell, one of the canniest property investors in the nation, has been buying sites in Sydney despite elevated prices. He has outlaid about $100 million over the past three years as he reaps strong rental returns from industrial tenants and has often out-manoeuvred listed competitors.

The industrial property at 247 King St in Mascot, Sydney.

The Mascot property drew almost 20 offers including from listed majors and offshore players. Longer term, experts tipped it could hold a mixed-use development with a mix of residential, retail and serviced apartments in the inner-city area.

Meanwhile in Melbourne, Stockland has unveiled the first stage of what it claims will be the largest industrial park in the city’s western suburbs with an end value of about $2 billion.

Stockland and the private Mt Atkinson Holdings launched the first stage of Melbourne Business Park that they will develop into a 260ha logistics and business project. The park sits in the industrial hot spot of Truganina, where companies including Goodman, Charter Hall, Blackstone and Logos have facilities.

Stockland CEO of commercial property, Louise Mason, says the logistics project aims at capitalising on the strength of Melbourne’s growing population in the western suburbs.

This article originally appeared on www.theaustralian.com.au/property.