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While the CSIRO has occupied the 6.56-hectare site since the 1960s, the approaching end of the government agency’s tenure has prompted owner Aqualand to test market interest.

“The size of the property and its proximity to the Sydney CBD will provide an incoming owner with a unique opportunity to reshape an entire precinct,” Mr Edge said.

“Demand within the life sciences and build-to-rent market for a site so close to a metropolitan railway station will help fuel interest from a diverse buyer pool given the site’s development potential.”

In Melbourne, Charter Hall Direct’s industrial fund has swooped on two food manufacturing facilities on a 30-year sale and leaseback to leading food business Patties Foods for $141 million.

The sale and leaseback arrangement with Patties Foods provides for a 30-year triple net lease with fixed 3 per cent annual reviews. The portfolio consists of two properties including the world-class bakery in Bairnsdale and fast-growing ready meals facility in Pakenham, Victoria, with a combined site area of 27.2 hectares.

Charter Hall Direct chief executive Steven Bennett said the deal will see the Charter Hall Direct Industrial Fund No. 4 (DIF4) weighted average lease expiry (WALE) extend to 12.3 years. The fund is currently providing a distribution yield of 5.9 per cent per annum to DIF4 investors.

The transaction was jointly managed by Tony Iuliano and Adrian Rowse of JLL and Andrew Grant of Charter Keck Cramer.

Author:

Carolyn Cummins - Commercial Property Editor, The Sydney Morning Herald.