Herbert Smith Freehills has advised Growthpoint Properties Australia on the disposal and settlement of its office and warehouse facility located at 134 Lillkar Road, Goulburn, New South Wales to a private investor for A$72.25 million.
The 42,826m2 facility is leased to Coles Group until February 2022. The property was purchased by Growthpoint Properties Australia in December 2009 for a total cost of A$65.5 million.
The transaction is one of a number of property transactions in Australia for Growthpoint Properties Australia since it entered the market in 2009. Herbert Smith Freehills has assisted with the majority of its transactions, including more recently the acquisition from Gore Hill Developments of an office development site 48% pre-committed to Fox Sports for a total consideration of A$82.5 million, and the exchange of contracts to acquire an industrial portfolio at Erskine Park, New South Wales for approximately A$104.7 million which is due to complete in February 2013.
The Herbert Smith Freehills team was led by partner David Sinn along with senior associate Carla Deluca and solicitor Dakshinee Kodituwakku.
“Australia’s retail property sector has been performing well despite the economic challenges presented by other global markets,’ said Sinn. ‘This transaction is evidence of the strength of the local market and the continued upward trend of acquisitions in this sector.’
Late last year, Hebert Smith Freehills advised on Centro Retail Australia on the sale of its 50% interest in three regional shopping centres (Centro The Glen (Victoria), Centro Colonnades (South Australia) and Centro Galleria Morley (Western Australia)) for $690.4 million to the Perron Group. The transaction was the largest commercial property transaction in Australia in financial year 2012.
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