9 November 2016
Dexus acquires The Mill, Alexandria
Dexus (Dexus) today announced that it has exchanged contracts to acquire The Mill, 41-43 Bourke Road, Alexandria, NSW for $110.2 million1.
The Mill is a 1.9 hectare mixed use multi-tenanted property located on the corner of Bourke Road and Huntley Street in Alexandria, NSW. The site is located 15 minutes from the Sydney CBD, 10 minutes from Sydney Airport and one kilometre from Green Square railway station. The property comprises a mix of ten modern and refurbished historic buildings, providing 17,579 square metres of warehouse style office, retail spaces and car parking.
The tenancy profile consists of a diverse range of users and covenants such as BlueScope Steel, Genesis HealthCare, Seafolly, Bendon, Under Armour, Mavi, carsales.com.au and The Grounds of Alexandria. The Grounds of Alexandria is a popular food & beverage operator offering a cafe, bar, restaurant and sustainable garden, attracting 15,000-20,000 visitors each week and providing a popular amenity for the occupiers and local community. The property is 83% occupied with a weighted average lease expiry of circa five years. Settlement is expected in January 2017.
Ross Du Vernet, Chief Investment Officer said: “The Mill provides us with a significant landholding in a prime South Sydney location where tenant demand is expected to remain strong. The property is well positioned to benefit from a combination of our active management of underutilised space and we expect to achieve rental growth, driven by withdrawals of nearby existing traditional office and warehouse properties.”
1. Excluding acquisition costs.
For further information please contact:
Rowena Causley T: +61 2 9017 1390
M: +61 416 122 383
Louise Murray T: +61 2 9017 1446
M:+61 403 260 754