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Car storage site sells for $20.3m

Car storage site sells for $20.3m


A key automotive industry property has been sold to ASX-listed Growthpoint Properties Australia with advice from two firms.

Firms: Herbert Smith Freehills (Growthpoint Properties Australia); Thomson Geer (the vendor)

Deal: Growthpoint has acquired a 14.1-hectare property

Value: $20.3 million

Area: Property

Key players: The Herbert Smith Freehills team was led by David Sinn (pictured), supported by senior associate Carla Deluca and solicitor Jean Liu.

Deal significance: Located in the NSW coastal town of Wollongong, the property is primarily comprised of an asphalt car park constructed in 2012 and is 100 per cent leased for 15 years to Patrick Autocare. Patrick Autocare uses the Kembla Grange property to store thousands of cars imported into Australia.

“We were pleased to assist Growthpoint with this acquisition, which has seen its diversified portfolio grow to 56 office and industrial properties throughout Australia, valued at approximately $2.4 billion,” said Mr Sinn.

Growthpoint is an ASX-listed Australian Real Estate Investment Trust (A-REIT) that specialises in the ownership and management of quality investment property.

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