Dexus Takes 7pc Premium with Business Park Sale

A business park in one of Melbourne’s south-eastern suburbs has changed hands for more than $300-million as owner Dexus continues to divest assets.

The 19.6ha Axxess Corporate Park in Victoria’s Mount Waverley is 16km from the Melbourne CBD on the corner of Ferntree Gully Road and Gilby Street in the second biggest employment zone outside the Melbourne CBD, the Monash National Employment and Innovation Precinct.

First developed in 1980, the site has 35,871sq m across 14 industrial units and 44,645sq m across 11 offices.

There is also a large restaurant and 1400 car parking spaces, according to Dexus’ leasing information for the park.

The Clayton train station is nearby as will a future Suburban Rail Loop station.

A contract to sell for $306.2 million has been drawn up, reflecting a 7.4 per cent premium on top of the December 31, 2022 independent valuation of the site.

It will now need to be approved by the FIRB but otherwise is an unconditional sale with settlement expected early nexrt month.

▲ Axxess Corporate Park is in the second largest employment zone outside of Melbourne CBD: the Monash National Employment and Innovation Cluster.

The buyer is reportedly Gateway Capital, who has partnered with the Ontario Teachers Pension Plan’s real estate arm Cadillac Fairview to create a $1-billion fund, Gateway Capital Urban Logistics Partnership. 

Axxess Corporate Park is expected to become the first asset in the partnership’s portfolio.

Gateway Capital also picked up an office building in Sydney’s St Leonards from Dexus, last year for $118.3 million.

Dexus has so far this month secured a total sale proceeds of $700 million—including the sale of 44 Market Street in Sydney for 8 per cent over the December 2022 valuation.

It has divested $1.5 billion of its assets during the 2023 financial year to date.