1. Healthcare

Key Australian
Industrial Transactions
Savills Research
February 2015
contents
03 Overview
04 Australian Industrial Property
05 Industrial Investment Market
06 Adelaide
08 S
A Key Industrial
Transactions 2014
10 Brisbane
12 Q
LD Key Industrial
Transactions 2014
16 Melbourne
savills research team
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dedicated to understanding and giving
in-depth insight into the office, industrial,
retail, hotels and residential markets
throughout Australia.
24 W
A Key Industrial
Transactions 2014
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18 V
IC Key Industrial
Transactions 2014
23 Perth
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professionals, who are highly regarded
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Research teams across the globe.
Savills Research
Western Australia
Spotlight
Perth Industrial
October 2014
Highlights
 A total of 143,877 square metres
of industrial space was reported
leased in the 12 months to
September 2014
 Prime rents in Perth’s industrial
core precinct range from $95 to
$125 per square metre
 Approximately $435 million of
industrial property was reported
sold over the year
 Core land values range from $400
to $1,150 per square metre for
assets up to 5,000 square metres
 A large amount of forecast new
supply will likely lead to softening
conditions in industrial capital and
leasing markets over the next 12
to 18 months
Prime rents in
Perth’s core
precinct range
from $95 to
$125 per
square metre
Savills Research
For our latest reports, contact one of
the team or visit savills.com.au/research
Savills Research
New South Wales
Spotlight
Sydney CBD Office
October 2014
Highlights
 The latest numbers from PCA indicate that overall
vacancy has decreased to 8.4%, down from 9% six
months earlier
 Supply remains severely constrained over the shortterm, with less than 50,000 square metres of net
supply due to complete in the second half of 2014
 Full floor availability as at August 2014 is currently
sitting at 13.8%, with nine available options for
tenants >10,000 square metres
Savills Research
South Australia
Spotlight
Adelaide CBD Retail
October 2014
Highlights
 Net absorption of 57,272 square metres was
recorded in the 12 months to June 2014
 Sales activity in the 12 months to September 2014
totalled $3.7 billion, up 42 % on the amount recorded
in the prior 12 month period
 Indicative A Grade yields currently range from 6.25%
to 7.00%, a decrease of 25 basis points at both ends
of the range in the last 12 months
 Retail vacancy rates have risen in
Rundle Mall to 3.5 percent, together
with an increase to 5.7 percent in
Rundle Street as at September 2014
 Retail turnover in South Australia has
risen by 3.0 percent (seasonally
adjusted) in the year to July 2014
 The Rundle Mall masterplan is
expected to draw consumers back
into the CBD once complete
 Clothing, footwear & personal
accessory is the dominant tenant
Savills Research
Queensland
Savills Research
Victoria
Spotlight
Melbourne Industrial
October 2014
Spotlight
Brisbane CBD Office
October 2014
Highlights
group in Rundle Mall, with 55 percent
of the tenant mix
 Economic benefits of the mining and
defence industries are being offset by
a lack of population growth and
consumer spending in the State
 Recent reductions to interest rates
are anticipated to further boost retail
spending
Retail turnover
in South
Australia has
risen by 3
percent
Savills Research
 Melbourne’s infrastructure continues
to give it a competitive advantage
 A total of 681,5520 square metres
 A total of $1.45 billion of industrial
property was sold in the year to
September 2014
was reported leased in the year to
September 2014
 Land values range from $100 to $200 a
for 216,858 square metres of
reported leasing
 Investment yields for prime industrial
 Pre-commitment activity accounted
 Industrial rents generally range from
$65 to $95 a square metre for prime
industrial space
square metre for land between 1 and 5
hectares
property in a range of 7.00% to 8.00%
 Signs of a recovery in tenant demand
are underway with significant increase
in recent levels of leasing
Institutions &
Privates help
provide investor
demand not
seen since the
onset of the
GFC
Savills Research
Highlights
 According to the Property Council
 Savills recorded approximately
 Savills recorded 79,185 square
 Leasing demand is significantly
the vacancy rate in the Brisbane
CBD was 14.7% at July 2014
metres of leasing activity for the
12 months to September 2014
 Negative absorption of 44,129
square metres in the 12 months to
June 2014
$1.030 billion of transactions in
the 12 months to September 2014
down on historic averages
 The CBD property market
continues to experience a high
level of interest from investors of
all categories
27 Sydney
28 N
SW Key Industrial
Transactions 2014
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3
overview
The calendar year 2014 marked a
continuation of strong performance
in investment markets with property
sales turnover at record levels and
strong gains made on local and
global sharemarkets.
Interest rates have stayed low, the
search for yield and security remained
strong however there has been
more capital allocated for higher risk
property, including development. The
S&P500 index rose 12 percent to a
record high reflecting cheap capital
and a sense of economic recovery in
the United States. This was further
emphasised by the official end of
quantitative easing. The Australian ASX
AREIT Index rose 21 percent and the
Australian dollar fell 9 percent against
the US dollar. Nationally, over $24
billion of commercial property has been
transacted and over 3.6 million square
metres of industrial and office space
has been reported leased which gives
us confidence that the markets are
operating normally.
Commercial property yields in particular
continue to look attractive. The
Australian economy is being rebalanced
as growth in mining investment softens.
This means housing and retail should
continue to lift with positive knock-on
effects to industrial and office markets.
As consumer confidence continues to
rise, so should business confidence.
As profit margins are restored,
business decision making should gain
momentum. Some State Governments
will move into election mode and could
be expected to provide some stimulus
to parts of the economy providing
further momentum to investment
markets. China (even at a lower level
of growth) and the United States are
forecast to contribute positively to
Australia’s economic outlook whilst
Europe remains a drag.
4
australian industrial
property
Industrial property in Australia ranges from local service
industrial such as plumbing and other wholesale trade supplies
to heavy industry such as refining, tanning and petrochemicals
to warehouse and logistics facilities, to manufacturing, assembly
and food production.
Some industrial properties also include
research and development facilities,
cold stores and highly specialised
facilities.
Savills Research estimates there to
be some 100 million square metres
of industrial floorspace in Australia,
of which 40 million square metres is
owner-occupied and 10 million square
metres is small industrial units under
2,000 square metres. This leaves some
50 million square metres of leasable
space, of which between 5 and 8 million
square metres fall due for lease renewal
each year.
Savills captures between 2 and 2.5
million square metres of industrial
leasing activity (largely excluding
renewals) and so captures a large
quantity of the types and style of
demand to occupy industrial property.
Whilst some types of manufacturing
have been in decline in Australia for
decades, the growth in the population,
the number of cars on the roads and
the spread of urban growth have seen
large demand for local service industrial
in every capital city.
The need to get goods to the
population has seen ongoing demand
for warehousing and logistics facilities,
and the advent and adoption of new
technology has seen increasing
demand for larger and more
sophisticated industrial facilities. As
the population grows, a great deal of
manufacturing is required for housing
and food production.
First class infrastructure (road, rail and
ports) as well as an abundance of
appropriate land is required to meet
this demand. Melbourne has been a
standout performer in this regard over
the past 15 years. Sydney has had to
move further afield and continues to
deal with infrastructure bottlenecks
whilst Brisbane continues to make up
ground. Adelaide has held steady whilst
Perth has had problems providing
enough supply to deal with the
resources boom and a
growing population.
Authorities will need to carefully watch
the amount of industrially zoned land in
each city to ensure land shortages do
not eventuate.
5
industrial investment
market
Savills recorded approximately $4.6
billion worth of industrial transactions in
the 12 months to December 2014, up
from $3.38 billion in the previous year,
and up on the five year average ($3.1
billion). In the 12 months to December
2014, 223 properties were sold, up from
the previous 12 months total of 172, and
up on the five year average of 189.
Australian institutional investors (Funds,
Trusts and Syndicates) are increasingly
active as flows to superannuation
continue unabated. Private Investors
continue to be attracted to industrial
property investments nationally due to
the high yields and generally long leases
to single tenants in simple buildings.
If the RBA is successful in stimulating
growth in the non-resources side of the
economy, then the industrial markets
nationally should be the beneficiaries of
stronger tenant demand. Signs of this
were seen in the last six months of 2014
and Savills Research expects this trend
to strengthen in 2015.
Australian Industrial
Industrial Property Sales by Price Range ($m)
December 2004 to December 2014
$7,000
$6,000
$5,000
$4,000
$3,000
$2,000
$1,000
$0
Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11
<$10m
$10m-$15m
$15m-$20m
$20m-$30m
Dec 12 Dec 13 Dec 14
Source: Savills Research
>$30m
Australian Industrial
Industrial Property Sales Buyer Profile (%)
12 Months to December 2014
19%
25%
Trust
Fund
1%
Government
2%
Undisclosed
8%
Owner Occupier
18%
4%
Private Investor
Syndicate
9%
Foreign Investor
14%
Developer
Source: Savills Research
6
adelaide
Savills recorded
approximately
$337 million
worth of reported
industrial property
transactions in
the 12 months to
December 2014,
up from $231 million
in the previous year,
and up on the five
year average
($238 million).
In the 12 months to December 2014,
54 properties were sold, down from
the previous 12 months total of 60, and
down on the five year average of 67.
The 'Fund' purchaser category was
the most active in the investment
market for the year ended December
2014, purchasing 45 percent of stock
reported sold. However, the Private
Investor category recorded the most
transactions (23).
The last 12 months saw the number
of transactions fall from 60 to 54. Sales
volumes have been strong in the years
following the GFC and 2014 saw a
firm continuation of this trend. Sales
volumes below $10 million continue to
be a prominent part of the industrial
market activity, with 49 transactions
accounting for $114 million worth
of sales recorded over the last 12
months. Traditionally, there has been
a significant difference between the
lower and higher end sales volumes,
reflecting strong demand for smaller
scale investment opportunities by local
private investors and owner occupiers.
Although there has been a rise in
interest from institutional investors
during the last 12 months, there
remains limited opportunity to satisfy
this demand. Hence private investors
and owner occupiers are expected
to remain as the predominant buyer
groups over the medium term.
Prime industrial yields as at December
2014 are estimated to range between
8.25 percent and 9.00 percent in the
North West, and between 8.50 percent
and 9.50 percent in the North. The
average yield for investment properties
in the North West in the quarter to
December 2014 is 8.63 percent, no
change over the year.
Prime industrial capital values as at
December 2014 are estimated to
range from $778 to $1,333 per square
metre for buildings in the North West,
and between $632 and $1,000 per
square metre for buildings in the North.
Average capital values for properties in
the North West are $1,056 per square
metre, a 9.1 percent increase over
the year.
Adelaide Industrial
Metropolitan Industrial Sales by Price Range ($m)
(>$1m) December 2004 to December 2014
$500
$450
$400
$350
$300
$250
$200
$150
$100
$50
$0
Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11
$1m-$10m
$10m-$15m
$15m-$20m
$20m-$30m
>$30m
Dec 12 Dec 13 Dec 14
Source: Savills Research
7
8
SA key industrial
transactions 2014
[2] Netley Commercial Park,
300 Richmond Road, Netley
Price: $30.25 million
Date: May 2014
Initial Yield: 7.27%
Market Yield: 9.18%
Rate per sq m of GLA: $883
Vendor: Government of
South Australia
Purchaser: [1]
[1] C
oles Distribution Centre,
2 Sturton Road, Edinburgh
Price: $153.00 million
Date: June 2014
Initial Yield: 7.40%
Market Yield: 7.50%
Rate per sq m of GLA: $2,252
Vendor: Goodman Group
Purchaser: Charter Hall
Comment: The distribution centre
provides two-storey offices to the front
(eastern side) of the building together
with two satellite offices to the rear
(western side) of the building. The
warehouse features high clearance
accommodation separated into three
main sections being ambient storage
(35,765 square metres), chiller storage
(17,440 square metres) and a freezer
(8,071 square metres). Significant
canopies and loading docks are
also provided.
Harmony Corp
Comment: The property was originally
developed in the 1970s and has been
upgraded over time. Improvements
comprise numerous individual office
buildings of 12,173 square metres
(36 percent of GLA) together with
warehousing and storage sheds totalling
22,087 square metres. Significant
hardstand and car parking is located
to the western end of the site and
accounts for the relatively low site
coverage of circa 25 percent. The
property sold with a leaseback to the
Government of South Australia for 10
years with two further five year rights
of renewal. Commencing rental is
$3,800,000 per annum gross ($111/sq
m) with the Lessor responsible for all
property outgoings. Rent is reviewed
annually to fixed 3.0 percent reviews
and to market on lease renewal.
9
[3]
[4]
[5]
[3] 1
13 Ledger Road, Beverley
[4] 7
-19 Tikalara Street,
Regency Park
[5] D
evelopment Site,
Gallipoli Drive, Regency Park
Price: $7.33 million
Price: $3.90 million
Price: $14.40 million
Date: June 2014
Date: July 2014
Date: January 2014
Initial Yield: 11.32%
Initial Yield: VP
Initial Yield: N/A
Market Yield: 9.70%
Market Yield: Market Yield: N/A
VP
Rate per sq m of GLA: $838
Rate per sq m of GLA: $841
Rate per sq m of land: $177
Vendor: Motor Accident
Commission of
South Australia
Vendor: BWP Management
Vendor: Purchaser: ARB Corporation
Purchaser: Aldi
Purchaser: Lynair Investments
Pty Ltd
Comment: Improvements comprise a
large high clearance office warehouse
development incorporating concrete
sealed driveways and hardstand space
together with on-site parking areas.
The property is leased to Paperlinx
Australia Pty Ltd on a five year term
expiring 14 September 2014. The lease
is structured on a net basis with the
Lessee responsible for all outgoings
including state land tax.
Comment: Improvements consist of
air conditioned offices with open plan
and partitioned workspaces, staff room
and amenities of 794 square metres
and showroom of 153 square metres
(947 square metres combined reflecting
20 percent of GLA), together with a
warehouse of 3,691 square metres. The
warehouse is of brick dado construction
and has internal clearances of 7.0 to
8.7 metres. Access is via four high
clearance roller doors to the western
side covered by two external canopies
of 290 square metres, with a further
roller door to the southern side of the
building adjacent to the showroom.
Asciano Services
Comment: A 30,000 square metre
distribution centre is to be built for Aldi
to service their South Australian retail
operations. Completion expected in
2016. The site is approximately
81,440 square metres.
10
brisbane
Savills recorded approximately
$595 million worth of reported industrial
property transactions in the 12 months to
December 2014, up from $511 million in
the previous year, and up on the five year
average $559 million.
In the 12 months to December 2014,
69 properties were sold, up from the
previous 12 months total of 62, and
down on the five year average of 73.
The 'Fund' purchaser category was
the most active in the investment
market for the year ended December
2014, purchasing 26 percent of stock
reported sold. However, the Private
Investor category recorded the most
transactions (25).
Prime industrial yields as at December
2014 are estimated to range between
7.00 percent and 8.00 percent in the
Southside, and between 7.25 percent
and 8.00 percent in the Northside. The
average yield for investment properties
in the Southside in the quarter to
December 2014 is 7.50 percent,
a 50 basis point firming over the year.
Prime industrial capital values as at
December 2014 are estimated to range
from $1,313 to $1,857 per square metre
for buildings in the Southside, and
between $1,375 and $1,793 per square
metre for buildings in the Northside.
Average capital values for properties in
the Southside are $1,585 per square
metre, an 11.5 percent increase
over the year.
Brisbane Industrial
Metropolitan Industrial Sales by Price Range ($m)
December 2004 to December 2014
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11
$2m-$10m
$10m-$15m
$15m-$20m
$20m-$30m
>$30m
Dec 12 Dec 13 Dec 14
Source: Savills Research
11
“Savills recorded
$4.6 billion of
sales with active
institutional buyers.”
Tony Crabb, Savills Research
[8] 1425 Boundary Road, Wacol
12
QLD key industrial
transactions 2014
[1] 163-183 Viking Drive, Wacol
Price: $37.96 million
Date: March 2014
Initial Yield: 7.73%
Market Yield: 7.73%
Rate per sq m of GLA: $1,472
Vendor: Dexus
Purchaser: Propertylink
Comment: A circa 2013 constructed
complex of three detached industrial
buildings over two adjoining allotments
which sold as a single asset. The
buildings are all of tilt concrete panel
construction to the warehouses,
each with an office component and
awning areas. Two buildings have the
benefit of direct street frontage while
the third building is at the rear with
shared access to a common driveway.
Note: The property was bought
by Propertylink, a Sydney based
investor and was conditional upon the
purchase of a second multi-tenant
property at 57-101 Balham Road,
Archerfield. The combined purchase
price $62.27 million, indicating an
equated market yield of 8.64 percent
and a sale rate of $1,239 per
square metre.
[2]
[2] 3 3-37 Mica Street, Carole Park
Price: $23.88 million
Date: August 2014
Initial Yield: 8.00%
Market Yield: 8.00%
Rate per sq m of GLA: $1,333
Vendor: Green’s Intellectual
Holdings Pty Ltd
Purchaser: 360 Capital
Industrial Fund
Comment: A slightly irregular shaped
parcel of land improved by a facility
providing accommodation suitable for
food production, packaging, storage
and ancillary offices. Sold on a ‘sale and
leaseback arrangement’ with a 15 year
lease and fixed annual reviews of 3.5
percent. All outgoings are recoverable.
13
[3]
[4]
[5]
[3] L
ots 1, 2 & 3, 2828-2840 Ipswich
Road, Darra
[4] 7
31 Boundary Road, Darra
[5] 248 Fleming Road, Hemmant
Price: $16.70 million
Price: $15.46 million
Price:
$11.50 million
Date: May 2014
Date: May 2014
Date: July 2014
Initial Yield: 8.93%
Initial Yield: 8.09%
Initial Yield: 8.30%
Market Yield: 8.51%
Market Yield: 8.09%
Market Yield: 8.30%
Rate per sq m of GLA: $1,809
Rate per sq m of GLA: $1,564
Rate per sq m of GLA: $2,209
Vendor: Action Property (Qld)
Pty Ltd
Vendor: Bective Station
Pty Ltd
Vendor: Redbank Pty Ltd and
Huskie Pty Ltd
Purchaser: Purchaser: APPF Industrial
Comment: A circa 1990s industrial
building, built over two stages, of dado
tilt concrete panel / portal steel frame
and metal clad construction on a 25,920
square metre site. The property has
been built over two levels with the rear
section below road height. The building
is strata titled comprising three lots but
sold in one line. Sold, fully leased in a
reported off-market transaction.
Fife Capital
Comment: A circa 2001 built industrial
facility, purpose built for the sitting
tenant. It is of tilt concrete panel
construction and includes a two-level
office area with warehouse adjoining
the rear on a 17,320 square metre site.
The internal clearance is 10 metres
with multiple electric door access and
awning along the eastern side (not
included in the lettable area). Leased,
with a remaining term of 4.66 years, to
an international logistics company.
Purchaser: Indigenous Business
Australia
Comment: A regular shaped site of
10,190 square metres improved by two
tilt concrete panel buildings utilised as
food distribution facilities. The eastern
building was constructed in 1995 and
the western structure was completed in
2013. Combined, the property provides
a modern cold store, freezer storage
and transport facility. Sold, fully leased
on a leaseback arrangement with a term
of 11.9 years.
14
QLD key industrial transactions 2014 (cont.)
[6]
[7]
[6] 70 Fulcrum Street, Richlands
[7] 6
80 MacArthur Ave Central,
Pinkenba
Price: $15.60 million
Price: $9.40 million
Date: September 2014
Date: January 2014
Initial Yield: 9.98%
Initial Yield: 8.88%
Market Yield: 8.76%
Market Yield: 8.36%
Rate per sq m of GLA: $1,002
Rate per sq m of GLA: $2,508
Vendor: Hills Industries Ltd
Vendor: Afk Investments
Purchaser: APPF Industrial
Purchaser: Leopold Station
Comment: Office and warehouse
constructed around 1994 with an
extension to its western side circa 2001.
It comprises a two-level office and
an all-weather drive through awning
area. The warehouse includes the
extension and as such, it is not clear
span, although it has multiple roller
door access points for drive-through
access (no docks). Has full drive-around
building and good parking on the
36,760 square metre site.
Comment: A circa 2004 constructed
industrial building of masonry and metal
clad dado construction comprising
a two-level office component with
adjoining warehouse area which has
multiple roller door access points along
both sides on a 13,270 square metre
site. The property includes a hardstand
area estimated at 5,250 square metres.
Sold, fully leased to an auto auction
house with 8.66 years remaining on
the lease.
15
[8]
[9]
[10]
[8] 1425 Boundary Road, Wacol
[9] 125 Axis Place, Larapinta
Price: $9.40 million
Price:
$8.25 million
Price: $5.30 million
Date: May 2014
Date: April 2014
Date: November 2014
Initial Yield: 8.33%
Initial Yield: 7.62%
Initial Yield: 7.20%
Market Yield: 8.25%
Market Yield: 7.62%
Market Yield: 7.20%
Rate per sq m of GLA: $1,689
Rate per sq m of GLA: $3,930
Rate per sq m of GLA: $1,601
Vendor: Makybe Pty Ltd and
Project Pty Ltd
Vendor: Radius Industrial
Pty Ltd
Purchaser: Purchaser: Geylang Holdings
Pty Ltd
Vendor: Beyville Pty Ltd,
Kathco Pty Ltd and
Polgrove Pty Ltd
Makro Pty Ltd
Comment: A circa 2009 built industrial
complex of tilt concrete panel
construction comprising two detached
buildings on the one site of 13,600
square metres. Each building with
two-storey office accommodation and
warehousing with multiple at grade roller
doors and nine metre clearance. Sold,
fully tenanted across four areas.
Comment: Sold as land 15,820
square metres with a design and
construct approved and a 10 year
lease pre-commitment to a private
transport company which has been in
operation since 1922. The building to
be developed will be a modern dado
style providing two levels of office, a
rear warehouse area and a particularly
large awning. The property sold as a
site for $4.0 million ($253 per square
metre) with the balance of the price
representing a construction contract
for the proposed building.
[10] 18-28 Calcium Court,
Crestmead
Purchaser: Private Investor
Comment: A recently completed (2014)
industrial complex providing office and
warehouse accommodation. The office is
two levels with rear adjoining warehouse
providing clear span and nine metre
internal clearance, 10t travelling crane
(6.5m under hook) and nine electric
container height roller doors on a 5,994
square metre site. Sold, with a new
five year lease to an international farm
machinery company.
16
melbourne
Savills recorded approximately $1,174 million
worth of reported industrial property transactions
in the 12 months to December 2014.
This is up from $599 million in the
previous year, and up on the five year
average ($820 million). In the 12 months
to December 2014, 103 properties were
sold, up from the previous 12 months
total of 74, and up on the five year
average of 94.
The 'Private Investor' purchaser
category was the most active in the
investment market for the year ended
December 2014, purchasing 30 percent
of stock reported sold. Similarly, the
Private Investor category recorded the
most transactions (56).
Prime industrial yields as at December
2014 are estimated to range between
7.00 percent and 8.00 percent in the
North West, and between 7.00 percent
and 8.00 percent in the South East.
The average yield for investment
properties in the North West in the
quarter to December 2014 is 7.50
percent, a 62 basis point firming
over the year.
Prime industrial capital values as at
December 2014 are estimated to range
from $838 to $1,143 per square metre
for buildings in the North West, and
between $875 and $1,286 per square
metre for buildings in the South East.
Average capital values for properties
in the North West are $980 per square
metre, an 8.3 percent increase over
the year.
Melbourne Industrial
Metropolitan Industrial Sales by Price Range ($m)
(>$2m) December 2004 to December 2014
$2,000
$1,800
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11
$2m-$10m
$10m-$15m
$15m-$20m
$20m-$30m
>$30m
Dec 12 Dec 13 Dec 14
Source: Savills Research
17
18
VIC key
industrial
transactions
2014
[2]
[1] K
mart Distribution Centre,
Banfield Court, Truganina
[2] Murray Goulburn,
85 William Angliss Drive,
Laverton North
Price: $95.00 million
Price: $92.60 million
Date: December 2014
Date: January 2014
Initial Yield:6.44%
Initial Yield: 6.75%
Market Yield: Market Yield: 6.75%
N/A
Rate per sq m of GLA: $1,235
Rate per sq m of GLA: $1,535
Vendor: Vendor: Goodman Group
Murray Goulburn
Purchaser:Invesco
Purchaser: ISPT
Comment: Situated approximately one
kilometre from the Princes Freeway
diamond key entry ramp and 18
kilometres west of the Port of Melbourne,
the site is a prime industrial location.
The property was completed in 2011
with a 15 year lease to Kmart with fixed
3 percent increases. The property
comprises warehouse, office space
and hardstand.
Comment: The property comprises a
large industrial facility built circa 2003.
The improvements comprise office areas
and multiple industrial buildings, including
high bay warehousing, chiller area, pallet
stores and semi enclosed canopies. The
property also includes large hardstand
areas and surplus land areas to the north
eastern spur of the site. The property is
leased to Murray Goulburn Co-Operative
Co. Ltd for an initial term of 20 years
(on a leaseback arrangement) from
December 2013. There are three further
terms, the first for 10 years and
the remaining two for 5 years.
19
[4]
[3] M
elbourne Wholesale Markets,
Cooper Street, Epping
[4] 2
15 Browns Road, Noble Park
Price: $77.40 million
Price: $21.78 million
July 2014
Date: August 2014
Date: Initial Yield: 9.60%
Initial Yield: 9.83%
Market Yield: N/A
Market Yield: 10.84%
Rate per sq m of GLA: $1,018
Rate per sq m of land: $358
Vendor: Hansen Yuncken and
State Government
Vendor: Undisclosed
Syndicate
Purchaser: Propertylink
Purchaser: Comment: Five separate warehouse
buildings interconnected to the Markets
trading floor. Heads of Agreement and
Agreements for Lease includes 41
tenants. A diversified tenant mix spread
over about 76,070 square metres with
no tenant holding more than 4 percent of
the total space. Leases of between 5 and
10 years providing a WALE of 5.4 years
at completion in second quarter 2015.
Comment: Multi-tenanted office/
warehouse including two low clearance
warehouses of 19,310 square metres,
modern warehouse of 22,0400 square
metres and two level office/showroom of
1,800 square metres. On-site car parking
for more than 400 vehicles. Land area
5.814 hectares.
Aspen Group
[5] G
ateway Business Park,
495-501 Blackburn Road,
Mount Waverley
Price: $63.00 million
Date: September 2014
Initial Yield: 8.64%
Market Yield: N/A
Rate per sq m of GLA: $2,656
Vendor: AMP Capital
Purchaser: EG Funds
Management
Comment: High tech business park
located 18 kilometres southeast of the
Melbourne CBD. Fully leased to Vision
Properties and Metricon Homes with a
WALE of 5.4 years.
20
VIC key industrial transactions 2014 (cont.)
[6]
[7]
[8]
[6] 254-294 Wellington Road,
Mulgrave
[7] 13-19 William Angliss Drive,
Laverton North
[8] 32-58 William Angliss Drive,
Laverton North
Price: $62.00 million
Price: $49.00 million
Price: $43.50 million
Date: February 2014
Date: September 2014
Date: September 2014
Initial Yield: 6.94%
Initial Yield: 7.29%
Initial Yield: 8.03%
Market Yield: 7.51%
Market Yield: 7.29%
Market Yield: 8.08%
Rate per sq m of GLA: $1,852
Rate per sq m of GLA: $873
Rate per sq m of GLA: $941
Vendor: Peters Ice Cream
Vendor: Goodman Group
Vendor: Goodman Group
Purchaser: Charter Hall
Purchaser: AMP Capital
Purchaser: Charter Hall
Comment: Sale and leaseback to
Peters Ice Cream. The 14.4 hectare
site includes 5.5 hectares of surplus
land. The property contains a 1970s ice
cream manufacturing facility with low site
coverage. There is a development
clause allowing for the construction
of a new office building.
Comment: The property comprises a
distribution centre with a total of three
warehouses, one of which adjoins
associated offices. The three warehouse
buildings each provide a similar standard
of accommodation being typically
high clearance, steel portal frame
warehouses with internal columns. All
warehouses have good loading access
and associated canopy coverage. A
development parcel of land which is
approximately 15,608 square metres
is located to the rear of the site with
Dohertys Road frontage. ACI Operations
Pty Ltd occupy the property for a
seventeen (17) year term which expires 2
October 2019 with the tenant having one
(1) further option period of three (3) years.
Comment: The property comprises
of a distribution centre consisting of
four warehouses, two of which are
adjoined units. The warehouses have
two RSD’s with associated canopy area
providing covered loading. The two larger
warehouse facilities, located to the north
eastern corner of the site and western
site boundary fronting William Angliss
Drive, generally comprise modern high
clearance steel portal frame warehouse
accommodation with associated offices.
The warehouses feature good loading
access and canopy coverage. The
adjoining units are leased to Australian
Postal Corporation and Silver
Chef Limited for terms of 11 years
(commenced September 2004) and
21
[10]
7 years (commenced September 2013)
respectively. The leases include one
further option term of 3 years (Australia
Post) and 5 years (Silver Chef). The two
larger warehouse facilities are leased
to Fast Line International Pty Ltd and
Kimberly-Clark Australia Limited for terms
of 12 years (commenced November
2005) and five years (commenced
February 2014) respectively. The leases
include one option term of 6 years (Fast
Line) and 5 years (Kimberly-Clark).
[9] 324-332 Frankston-Dandenong
Road, Dandenong South
[10] 28-38 Salta Drive, Altona North
Price: $24.60 million
Price: $14.50 million
Date: April 2014
Date: August 2014
Initial Yield: 9.40%
Initial Yield: Vacant Possession
Market Yield: 8.75%
Market Yield: Vacant Possession
Rate per sq m of GLA: $847
Rate per sq m of GLA: $608
Vendor: Vendor: Centuria Direct
Property Fund
Primewest
Purchaser: Australian Industrial
REIT
Comment: The property was sold as
part of a national portfolio of six industrial
properties. The property provides three
highly-specified office and warehouse
facilities with drive around access and
extensive canopy areas. The property
is located approximately 33 kilometres
south east of the Melbourne CBD. A 10
year lease to Gerard Corporation expires
in December 2016. Gerard Corporation
has sublet all three buildings on the
property to three separate tenants.
Purchaser: Private Investor
Comment: The property comprises
a modern office/warehouse facility
featuring a medium clearance three
bay warehouse with a single level office
attached to the rear. The warehouse is
of steel portal frame construction with
loading access available via multiple
at-grade RSD’s to the northern and
southern warehouse elevations. Canopy
coverage is provided to the southern
warehouse elevation. On-site car
parking and container rated hardstand
is located to the north western corner
of the site.
22
23
perth
Savills recorded
approximately
$355 million
worth of reported
industrial property
transactions in
the 12 months to
December 2014,
down from $818
million in the
previous year,
and down on the
five year average
($618 million).
In the 12 months to December 2014,
56 properties were sold, down from the
previous 12 months total of 205, and
down on the five year average of 135.
The 'Fund' purchaser category was
the most active in the investment
market for the year ended December
2014, purchasing 31 percent of stock
reported sold.
In the 12 months to December 2014,
approximately 58 percent of the total
value of industrial properties reported
transacted in Perth were valued in the
range $1-$10 million. Over the same
period $111 million worth of reported
transactions occurred in the ‘North’
precinct, accounting for 32 percent of
the industrial sales. In the year prior,
the ‘Core’ recorded the highest value
of transactions, worth $286 million.
The 'Trust' purchaser category was the
most active in the investment market
for the year ended December 2014,
purchasing 30 percent or $104 million
of stock reported sold, followed closely
by ‘Private Investors’ at 25 percent
($88 million).
Prime industrial yields as at December
2014 are estimated to range between
7.25 percent and 8.75 percent in the
North, and between 7.75 percent and
9.00 percent in the South. The average
yield for investment properties in the
North in the quarter to December 2014
is 8.00 percent, a 38 basis point firming
over the year.
Prime industrial capital values as at
December 2014 are estimated to range
from $971 to $1,517 per square metre
for buildings in the North, and between
$833 and $1,355 per square metre for
buildings in the South. Average capital
values for properties in the North are
$1,244 per square metre, a 3 percent
fall over the year.
Perth Industrial
Metropolitan Industrial Sales by Price Range ($m)
(>$1m) December 2004 to December 2014
$900
$800
$700
$600
$500
$400
$300
$200
$100
$0
Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11
$1m-$10m
$10m-$15m
$15m-$20m
$20m-$30m
>$30m
Dec 12 Dec 13 Dec 14
Source: Savills Research
24
WA key industrial
transactions 2014
[1]
[2]
[1] B
rownes Food,
22 Geddes Street, Balcatta
[2] 2 94 Treasure Road, Welshpool
Price: $53.50 million
Price: $8.50 million
Date: May 2014
Date: May 2014
Initial Yield: 7.50%
Initial Yield: 8.47%
Market Yield: 7.60%
Market Yield: 8.47%
Rate per sq m of GLA: $1,417
Rate per sq m of GLA: $1,305
Vendor: Brownes Food
Operations
Vendor: W and L A Mais
Family Trust
Purchaser: Stockland
Purchaser: Comment: The property is a large
purpose built industrial facility
comprising a large dairy processing,
logistics and distribution facility
complete with administration offices,
amenities, fully insulated and cooled
production, storage, large freezer areas
and ambient warehousing. The sale
was based on a 20 year leaseback
arrangement with fixed 3.25 percent
annual reviews and two further 10 year
options available to the tenant.
Comment: The property comprises a
large industrial land holding within the
heart of Welshpool being improved
with two separate buildings. The main
building comprises an early 1990s
distribution facility of 4,380 square
metres comprising two levels of office
internally within the warehouse which
has a truss height of eight metres. The
property was sold on a leaseback to the
MIAS Bakery (occupies the full site) on a
10 year lease term plus a 5 year option
period. Reviews are fixed to 3.5 percent
with market every five years.
Private Investor
25
[3]
[4]
[5]
[3] 1
03 Welshpool Road, Welshpool
[4] 2
3 Selkis Road, Bibra Lake
Price: $17.00 million
Price: $15.80 million
Price:
$15.50 million
Date: June 2014
Date: February 2014
Date: February 2014
Initial Yield: 8.75%
Initial Yield: 9.18%
Initial Yield: 9.03%
Market Yield: 8.75%
Market Yield: 9.18%
Market Yield: 9.03%
Rate per sq m of GLA: $3,240
Rate per sq m of GLA: $866
Rate per sq m of GLA: $944
Vendor: Milne AgriGroup
Vendor: Vendor: Purchaser: Charter Hall
Purchaser: Australian Industrial
REIT
Purchaser: Australian Industrial
REIT
Comment: The property comprises
an office/warehouse facility, zoned
Industry and situated in the middle of
the Phoenix Business Park in Bibra
Lake. Existing improvements comprise
of a major workshop/warehouse facility
used in the manufacture and distribution
of cardboard packaging. The property is
leased to Amcor Packaging for a 5 year
period at a passing rent of $1,450,230
or $80/sq m. The lease has a further
two 5 year options remaining and the
passing rent was considered to be
reflective of market rent. The property
was sold as part of a national portfolio
of six industrial properties.
Comment: The subject comprises two
workshops on a fully developed 3.2468
hectare lot. The workshops are located
at the front and rear of the property, with
a two level office constructed within the
rear workshop. The property was released to CBI and Kentz for a five year
period at a passing rent of $1,400,000
or $85/sq m. The property was sold
as part of a national portfolio of six
industrial properties.
Comment: The sale of the subject
property is subject to a triple net
leaseback arrangement with Milne
AgriGroup for a period of 10 years. Initial
passing rent is $1,487,500 per annum
with reviews annually to 3.50 percent.
The lease is to incorporate a ‘makegood’ provision which will obligate
Milne, at lease expiry, to demolish all
improvements and handover a cleared
site in an uncontaminated state.
Primewest
[5] 9
9 Quill Way, Henderson
Primewest
26
27
sydney
Savills recorded approximately $2.2 billion
worth of industrial transactions in the
12 months to December 2014, up from
$1.5 billion in the previous year, and
up on the five year average ($1.4 billion).
In the 12 months to December 2014,
100 properties were sold, up from the
previous 12 months total of 51, and up
on the five year average of 63.
The 'Fund' purchaser category was
the most active in the investment
market for the year ended December
2014, purchasing 25 percent of stock
reported sold. However, the Private
Investor category recorded the most
transactions (29).
Prime industrial yields ranged between
7.00 percent and 7.75 percent in South
Sydney, between 7.00 percent and 7.75
percent in the West, and between 8.00
percent and 9.25 percent on Sydney's
North Shore. When compared to the
12 months prior, prime yields firmed
37.5 basis points.
Prime industrial capital values in
December 2014 range between
$1,625 per square metre and $2,375
per square metre net in South Sydney,
between $1,290 per square metre and
$1,714 per square metre net in the
West, and between $1,459 per square
metre and $2,375 per square metre
net on Sydney's North Shore. When
compared to the 12 months prior,
prime capital values in South Sydney
remained constant.
Sydney Industrial
Metropolitan Industrial Sales by Price Range ($m)
(>$5m) December 2004 to December 2014
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11
$5m-$10m
$10m-$15m
$15m-$20m
$20m-$30m
>$30m
Dec 12 Dec 13 Dec 14
Source: Savills Research
28
NSW key
industrial
transactions
2014
[1] 9
-10 John Morphett Place,
Erskine Park
[2] 8 Brabham Drive,
Huntingwood
Price: $61,716,500
Price: $20.10 million
Date: October 2014
Date: November 2014
Initial Yield: 6.99%
Initial Yield: 7.10%
Market Yield: Market Yield: 6.88%
Rate per sq m of GLA: $1,463
6.98%
[3] 133-145 Lenore Lane,
Erskine Park
Price:
$77.70 million
(approximately)
Date: November 2014
Initial Yield: 6.25%
Market Yield: N/A
Rate per sq m of GLA: $1,655
Vendor: Washington H. Soul
Pattinson
Purchaser: Logos on behalf
of KWAP
Comment: The property is located
in a prime Western Sydney industrial
logistics location and comprises a nearly
new warehouse and logistics facility
of 44,702 square metres (GLA) which
includes approximately 977 square
metres office areas and full drive around
access. At the time of sale the property
was leased to Super Retail Group for a
further 14 years.
[4] 3
00 Coward Street, Mascot
Rate per sq m of GLA: $2,150
Price: $22.50 million (approximately)
Vendor: Valad
Vendor: Altis
Date: 2014
Purchaser: M&G Real Estate
Purchaser: Initial Yield: 6.43%
Market Yield: N/A
Comment: The property is located
in a prime Western Sydney industrial
logistics location and comprises a new
generic warehouse and logistics facility
of 42,186 square metres (GLA) which
includes a breezeway of 5,026 square
metres. At the time of sale the property
was leased to Bluestar Logistics for a
further 11 years with rent reviews fixed
to 3.5 percent per annum.
Mirvac Group
Comment: The property is located in an
established Western Sydney industrial
location and comprises a new crossdock warehouse and logistics facility of
6,048 square metres (GLA) with awning
and hardstand areas. At the time of sale
the property was leased to BagTrans
Pty Ltd for a further 9.33 years with rent
reviewed annually to CPI. The property
was purchased by Mirvac as part of the
Altis Portfolio.
Rate per sq m of GLA: $1,655
Vendor: Bricktop
Purchaser: Private Investor
Comment: The property is located in a
prime South Sydney industrial logistics
location close to Sydney Airport and
comprises a refurbished warehouse of
10,420 square metres (GLA) currently
used for food production purposes.
At the time of sale the property was
leased to GateGourmet for a further
8 years.
29
[5]
[6]
[7]
[5] 1
Johnson Road, Campbelltown
[6] 4 3-49 Stennett Road, Ingleburn
[7] Reconciliation Drive, Greystanes
Price: $19.40 million
Price: $72.50 million
Price: $50.50 million
Date: June 2014
Date: June 2014
Date: June 2014
Initial Yield: 7.80%
Initial Yield: 7.17%
Initial Yield: N/A
Market Yield: 8.03%
Market Yield: N/A
Market Yield: N/A
Rate per sq m of GLA: $1,165
Rate per sq m of land: $259
Vendor: Hyperion Property
Syndicate
Vendor: Asciano Property
Operations
Rate per sq m of land: $190 (ex site
works)
Purchaser: Purchaser: Stockland
Purchaser: Comment: The property comprises of
an approximately 28 hectare industrial
holding in South Western Sydney
and is configured in three sections,
identified as Areas A, B & C. Area A
is the north eastern section of the site
and is bounded by Stennett Road and
the Main Southern Railway Line. Area
B is the middle section of the site with
frontage to Stennett Road and is of an
irregular shape. Area C is the western
section of the site and includes an
office/warehouse building, workshop
and fuel station. The property is located
in Ingleburn, an established South
Western suburb of Sydney, situated
approximately 46 kilometres southwest
by road from Sydney CBD and
approximately 10 kilometres south
of the Liverpool commercial precinct.
Comment: The property is in a prime
Western Sydney industrial logistics
location. Quarrywest comprises 25.65
hectares of industrial development land
located on Reconciliation Road in a core
industrial market in Western Sydney
and with access to key infrastructure.
Quarrywest will provide approximately
115,000 square metres of prime space.
The site is part of the former Prospect
Quarry which until late 2007 had been in
operation for more than 100 years. The
site will undergo extensive civil works in
preparation for development.
Heathley Group
Comment: The property is located on
the corner of Johnson and Badgally
Roads at Campbelltown, a secondary
industrial suburb in South Western
Sydney. The M5 Motorway is within
three kilometres whilst the M5/M7
Motorway interchange is within 14
kilometres to the north. The site is
improved with a freestanding office/
warehouse facility of prefabricated
concrete slab construction. The
building has internal clearance of 10.4
to 12.9 metres with a small (circa 5.7
percent of GLA) single level office
component which provides a reception
area, meeting rooms and open plan
office areas. An ESFR system is fitted
throughout the warehouse and part of
the office.
Vendor: Boral
Dexus/Future Fund
30
NSW key industrial transactions 2014 (cont.)
[8]
[9]
[10]
[8] 1
Inglis Road, Ingleburn
[9] 42 Airds Road, Minto
[10] 4 4 Biloela Street, Villawood
Price: $13.80 million
Price: $12.60 million
Price: $19.50 million
Date: February 2014
Date: May 2014
Date: December 2014
Initial Yield: 7.66%
Initial Yield: 8.44%
Market Yield: 7.95%
Market Yield: N/A
Initial Yield: 11.59% (ex surplus
land)
Market Yield: 9.31%
Rate per sq m of GLA: $774
Vendor: AMP Capital
Rate per sq m of GLA: $1,170
Rate per sq m of GLA: $1,231
Vendor: Hyperion Property
Syndicate
Vendor: Purchaser: Quintessential
Purchaser: Comment: The property is located
at Ingleburn, an established South
Western suburb of Sydney, situated
approximately five kilometres south of
the Prestons on ramps to the M5 and
M7 Motorways and approximately 46
kilometres southwest by road from the
Sydney CBD. Ingleburn is considered a
secondary locality. The site is improved
with a purpose built office/warehouse
facility on a site area of 65,690 square
metres. There is surplus land to the
west of 20,070 square metres that is
largely cleared and generally level, and
a separate component of 25,235 square
metres to the north that is undulating
with some existing vegetation.
Development approvals have been
granted (current to April 2014 over the
western parcel only) for the construction
of industrial premises.
Comment: The building was purpose
built for distribution, however is currently
utilised for manufacturing by the current
tenant. There is an awning of 3,303
square metres running the length of
the building’s northern alignment. An
ESFR system is in place throughout the
building and awning. Four on-grade
roller shutter doors are located beneath
the awning, with a further two doors
to the rear of the building. Circulation
is good, with full drive around access
available. Additional hardstand is
provided to the rear of the property, with
circa 1,900 square metres provided in
addition to conventional cartilage. The
property sold fully leased to VIP Plastic
Packaging, who are a subsidiary of the
publicly listed Pact Group. The existing
lease was renewed as at 1 January
2014 for a 6 year term.
Charter Hall
Realgrace Pty Ltd
Purchaser: Altis Property
Partners
Comment: The property is located
in one of Sydney’s most established
industrial precincts, approximately
midway between Parramatta central
business district and Liverpool central
business district. The property is wellsituated in relation to transport routes,
with direct access to Woodville Road
(within one kilometre to the south)
and in turn the M4 Motorway and M5
Motorways, which are both within
seven kilometres of the property. This
modern facility was developed in 1993
by Industrial Constructions Pty Ltd as a
high clearance warehouse facility with
an office and assembly building at the
front for DAS Distribution. It is currently
occupied by Custom Coaches for the
repair and manufacturing of buses and
coaches until June 2017.
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offices and associates throughout the UK, Europe, Americas, Asia
Pacific, Africa and the Middle East. With over 27,000 staff, we seek
out people who possess that rare mix of entrepreneurial flair and
rock solid integrity, and are focused on delivering clients with
advice and expertise of the highest calibre.
 Sales
A powerful combination of global connections and deep local
knowledge provides Savills with an almost unparalleled ability
to connect people and property.
Savills extensive Asia Pacific network spans 50 offices throughout
Australia, New Zealand, China, Hong Kong, India, Indonesia,
Japan, Korea, Macao, Malaysia, Myanmar, Philippines, Singapore,
Taiwan, Thailand and Vietnam.
In Australia, we offer the full spectrum of services from providing
strategic advice to managing assets and projects and transacting
deals. With a firmly embedded corporate culture that values
initiative, innovation and integrity, clients receive outstanding
service and can be assured of the utmost professionalism.
Adelaide
+61 (0) 8 8237 5000
Brisbane
+61 (0) 7 3221 8355
Canberra
+61 (0) 2 6221 8200
Gold Coast
+61 (0) 7 5509 1700
Melbourne
+61 (0) 3 8686 8000
Notting Hill
+61 (0) 3 9947 5100
Parramatta
+61 (0) 2 9761 1333
Perth
+61 (0) 8 9488 4111
Sunshine Coast
+61 (0) 7 5313 7500
Sydney
+61 (0) 2 8215 8888
savills.com.au
 Leasing
 Valuations
 Asset Management
 Project Management
 Strategic Corporate Real Estate Services
 Property Accounting
 Facilities Management
 Luxury Residential Sales
 Residential Projects
 Research
For Advice that gives Advantage, contact Savills.