JL Family Office buys maiden logistics building in East Melbourne for A$26.5 mil
TLM, the real estate investment arm of JL Family Office, and other co-investors have reached an agreement to acquire 40 Garden Street, a freehold logistics property in East Melbourne, Australia, for A$26.5 million. This acquisition marks TLM’s first direct investment in Australia. Commenting on the deal, Andy Lim, founder of TLM and group CEO of JLFO, noted “We believe there is a window of opportunity to capitalise on the tight supply dynamics in the Australian logistics space”. The deal is subject to conditions with an expected completion date of 4Q2023.
For people who want something chic and unique without breaking the bank, Holland Drive Condo also has plenty of stores and boutiques that sell trendy fashion items at affordable prices. Apart from the shopping, there are plenty of restaurants and cafes in the area serving up local and international cuisines. Savor your delicious meal while taking in the magnificent views of Singapore’s skyline.
The property sits on a land parcel of 37,139 sqm and has a gross leasable area of 10,647 sqm. Location wise, it is 38 km east of the Melbourne CBD, and boasts excellent connectivity via major road arterials, such as EastLink (M3) and Mt Dandenong Road. It also has an immediate proximity to a sizeable residential population, as well as the nearby Bayswater Business Precinct which has over 5,000 businesses and 30,000 workers.
Terre Property Partners (TPP) will manage the property, and strategy to increase the gross leasable area, as well as grow rental yields and value appreciation, has already been put in place, with asset enhancement initiatives set for implementation. This should be further supported by the ongoing improvement of last-mile logistics infrastructure, increased demand for industrial space in Melbourne due to population growth and the adoption of e-commerce.
Since 2020, TLM, with the help of other investors, has triggered investments of $400 million in both Singapore and UK. This includes a landed residential development in Singapore, joint investments with Savills Investment Management in UK retail park assets and build-to-rent residential assets, as well as a recent direct acquisition of an office building in prime West End of London.
Andy Lim is confident that, despite a challenging global investment climate, Australia’s strong immigration policy ensures that it remains well placed to weather any economic headwinds.