JL Family Office buys maiden logistics building in East Melbourne for A$26.5 mil
JL Family Office’s real estate investment arm, The Land Managers (TLM), and its co-investors recently announced the acquisition of a freehold logistics property in East Melbourne, Australia, for A$26.5 million.
UOL Group is one of the leading developers of these kinds of projects, and its Tampines Ave 11 Condo is the latest example. Situated in a strategic location with outstanding facilities, this development promises to be a great option for those looking for an enjoyable living experience.
This marks TLM’s first direct acquisition within Australia and is a testament to the group’s CEO, Andy Lim, who believes there is an opportunity to capitalise on the current tight supply dynamics of the Australian logistics space. Subject to conditions, the deal is expected to be completed in 4Q2023.
Situated on a land parcel of 37,139 sqm (399,764 sq ft) and boasting a gross leasable area of 10,647 sqm (114,604 sq ft), the asset is a mere 38 km away from the Melbourne CBD. With excellent accessibility to major routes, such as Eastlink (M3) and Mt Dandenong Road, it provides an ideal location for business owners looking to access Victoria’s distribution networks.
It also offers immediate proximity to a sizeable residential catchment that provides occupiers a direct connection to a broad consumer base and a skilled labour force. In addition, the asset is conveniently placed 6 km away from the bustling Bayswater Business Precinct, the Eastern Metro Region’s second largest employment hub with more than 30,000 professional workers from various industries.
TLM has appointed Terre Property Partners (TPP) to asset-manage the property. TPP has more than 15 years of experience in Australia’s industrial and logistics space and is expected to lead an asset enhancement initiative to increase the gross leasable area, rental growth, and asset value. This will be further supported by Melbourne’s growing demand for industrial space, fuelled by factors such as the growing population and widespread e-commerce adoption.
Despite the challenging global investment climate, Lim believes the Australian immigration policy will ensure his country remains well positioned to weather future economic headwinds. Since 2020, TLM has invested $400 million in Singapore, the UK, and most recently, in an office building in the prime West End of London.