Mair Property Funds expands diversified fund into South East Queensland
PR Newswire
West Perth, W.A., Jun. 8, 2021 /Medianet/ --
Mair Property Funds has recently acquired a large industrial facility in Crestmead (Queensland), representing the fourth asset in their popular commercial property fund, MPF Diversified Fund No. 3.
The Perth-based commercial funds management company purchased the glass processing and recycling facility for $8,000,000 in an off-market transaction.
The facility, located in the Crestmead Industrial Estate, is currently leased to VISY – one of the world’s largest privately owned packaging and recycling companies – and sits on a land area of 15,140 square metres with a building area of 4,039 square metres.
Alex Lambert, Head of Commercial Funds at Mair Property Funds, was excited by the diversification the new addition brought to the fund’s portfolio.
“This new addition to the portfolio helps to further diversify the fund by both location and also industry, and it takes the asset base of the fund to just over $42 million”.
Mr Lambert said that the quality of the tenant made for a strong acquisition, and there were also several avenues to add further value to the property over-time.
“VISY have invested a significant amount of money on the facility, equipping it with specialised plant and machinery, suggesting they will remain as tenants for the long-term”.
“The WALE for the facility is 3.3 years, and there is potential to add value to the property by increasing this lease term and expanding the facility”.
Simon Worth, Head of Capital Transactions at Mair Property Funds, said the location of the facility also supported the strength of the asset.
“Crestmead Industrial Estate is a highly sought-after industrial precinct in Brisbane’s growing southern corridor, an area with consistently low vacancy. The property is ideally positioned close to the major transport linkages that service South East Queensland including the Logan and Gateway Motorway Interchange”.
“The large site has low coverage of only 29% and we have an approved Development Permit which allows us to subdivide the property into two lots while retaining the current warehouse and this presents a very favourable divestment option in the future”, Mr Worth added.
MPF Diversified Fund No.3 is looking to build upon the success of the company’s earlier diversified investment fund, with the fund targeting a well-balanced, diversified commercial property portfolio with a total value between $60 – $80 million across Australia.
The Fund is currently in the early stages of another acquisition in Queensland which will take its asset base to a total value of over $52 million.
For more comments, please contact MPF media coordinator Joe Robinson on the below details.
Media contact
Joe Robinson
Media Coordinator
Mair Property Funds
P: 0418 497 274
Office address
Level 2, 1 Havelock Street
West Perth, Western Australia
6005
About Mair Property Funds
Mair Property Funds specialises in commercial property trusts and managed funds, having established 20 plus trusts, with current assets under management at more than $300 million.
