JL Family Office buys maiden logistics building in East Melbourne for A$26.5 mil

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TLM and other co-investors recently announced their acquisition of an industrial logistics property located on 40 Garden Street in East Melbourne, Australia, for a total of A$26.5 million. This marks TLM’s first direct property purchase in Australia, and the deal is expected to be completed in the fourth quarter of 2023.

Founder and CEO of JL Family Office Andy Lim mentioned that he believes there is a great opportunity to take advantage of the lack of availability of space in the Australian logistics sector. The asset was acquired on a vacant possession basis and is subject to conditions.

The asset is situated on 37,139 sqm of land, with a total gross leasable area of 10,647 sqm, and is located 38 kilometres from the Melbourne Central Business District.

Accessibility of the property is guaranteed by key road arteries such as the Eastlink (M3) and Mt. Dandenong Road, creating a direct connection to both the CBD and Victoria’s major distribution networks. It also benefits from its close proximity to a large residential area, providing easy access to customers and a skilled labour force. It is located just 6 kilometres from the Bayswater Business Precinct, which is the Eastern Metro Region’s second largest employment hub, with more than 30,000 professionals and over 5,000 businesses from various sectors.

Asset management and maintenance of the property will be entrusted to Terre Property Partners (TPP), which has over 15 years of experience in the management and logistics sectors in Australia. The real estate is forecasted to see an increase in its leasing intensity, rental rates and market value after the completion of an enhancement programme. This elevation is being driven by the increasing demand for industrial real estate in Melbourne, relating to factors such as the growing population, the increased use of e-commerce, the need for bigger inventories, a desire for quality properties and the continuing improvement of infrastructure related to last-mile delivery services.

Despite a volatile global investment climate, Lim is optimistic that due to Australia’s immigration policy, the country will remain resilient in the face of economic headwinds. Since 2020, TLM has made investments of roughly $400 million in Singapore and the UK, including residential developments, retail park and build-to-rent assets, and an office building in the West End of London.