The wealthy Mitchell family has sold the Lakes Business Park in South Sydney to Dexus Property Group for $153.5 million.
The 43,000 square metre site close to Sydney airport and Port Botany is one of the largest offerings in the area’s history. Tenants include Telstra, Sunbeam, Mazda and Bosch among more than 50 companies.
Dexus chief executive Darren Steinberg said the investment was strategic in one of its core industrial markets. “(There is) the potential for superior rental growth in the medium term due to the lack of greenfield land supply, combined with competing land use interests in the area,” he said.
The site was 95.9 per cent occupied, with a weighted average lease expiry of 3.2 years, said Dexus. It has been a business park for nearly two decades, with the Mitchell Group having run it as a wool processing plant until 1987.
The Mitchells are one of Australia’s wealthiest family’s through its wool business.