Westbridge Funds Management bolsters presence in South East Queensland

17 September 2021

• Westbridge adds two more properties in South East Queensland to its Diversified No. 3 Fund, taking total number of assets in the region to four
• Tenants include well known Penske Australia and Cleanaway
• Both properties located in the state’s key industrial region

WA-based property funds manager, Westbridge Funds Management, has acquired two new properties in South East Queensland, the sixth and seventh assets to be added to their popular Diversified Fund No.3.

In addition to the recently purchased Larapinta asset in South East Queensland, these two new assets in Wacol and Park Ridge, purchased by Westbridge at $16.1 million and $8.11 million, respectively, significantly grow the Funds presence in the region.

Both assets include well-known Australian brands as tenants, including Penske Australia basing its head-quarter office at Wacol; and ASX listed Cleanaway in a brand-new waste management truck depot at Park Ridge.

Alex Lambert, Head of Commercial Funds at Westbridge said these acquisitions solidified the funds presence in South East Queensland.

“With four assets now located in the region, the acquisition of these two new assets complements the existing properties including a warehouse facility in Larapinta, leased to Linde Forklifts and a glass processing facility in Crestmead, leased to VISY.

“The warehouse at Wacol is home to long-term tenant Penske Australia, a leading supplier of the world’s finest heavy-duty trucks. With a total gross lettable area of 9,704sqm, comprising of a two-level corporate office and a warehouse with three separate areas, the facility is suitable to a multitude of tenants.

“The purpose-built waste management truck depot for Cleanaway at Park Ridge currently covers 939sqm of the total 11,570sqm land area, perfectly suiting its current purpose, while offering the ability for further development of the site in the future if required.”

Mr Lambert added, “The purchase of these assets will take the Fund to a 6.3-year WALE overall.”

Westbridge’s Head of Capital Transactions, Simon Worth elaborated on the strength of the location of these assets.

“Both sites sit within South East Queensland’s most strategically significant industrial region.

“Both assets are highly regarded for the proximity to the major arterial roads, including Logan, Ipswich and Gateway Motorways all servicing the area and giving direct access to major infrastructure, including Brisbane Port, Brisbane Airport Ipswich and the Gold Coast.”

Westbridge’s Diversified Fund No.3 is looking to add a final asset to the fund, to provide a well-balanced, diversified commercial property portfolio with a total value of $90 million, across Australia.