125 and 145 Northcorp Boulevard, Broadmeadows, VIC. Source: Westbridge
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  • Westbridge Funds Management’s Westbridge Diversified Fund No.4 has assumed possession of its first asset in Victoria
  • The property consists of two neighbouring industrial distribution buildings situated on a 1.43 hectare site in Broadmeadows
  • The fund is also in the midst of acquiring a second asset, a newly improved warehouse logistics complex located in Canning Vale, WA
  • The fund’s distribution objective for FY22 is 6.5 per cent and is hunting for a seven per cent distribution in FY23

Westbridge Funds Management’s Westbridge Diversified Fund No.4 has assumed possession of its first asset in Victoria, for a purchase price of $15.36 million.

The property consists of two neighbouring industrial distribution buildings situated on a 1.43-hectare site at 125 and 145 Northcorp Boulevard, Broadmeadows, VIC.

Both properties were bought on a seven-year sale and leaseback agreement by Holman Industries, a provider of hose pipe and reticulation goods to retailers such as Bunnings, Tradelink, and Reece.

The Westbridge Diversified Fund No.4 is in the midst of acquiring a second asset, a newly improved warehouse logistics complex located at 41-43 Baile Road, Canning Vale, WA.

The 23,177 square metre property is completely leased to J Blackwood & Son, a wholly-owned subsidiary of Wesfarmers (WES).

“The recent settlement of the Broadmeadows property, and the acquisition of the Canning Vale facility are in line with the Fund’s goal of building a $100 million to $150 million portfolio featuring up to 12 high-quality commercial properties diversified by state, asset class and number of tenants,” Westbridge Head of Commercial Funds Alex Lambert said.

“We envisage the portfolio being diversified across commercial sectors including industrial, medical, large format retail and more. A core goal is to acquire properties with strong lease covenants, targeting quality national, international, and publicly listed tenants.”

Expressions of interest are currently being accepted for the Westbridge Diversified Fund No.4, which has a minimum capital raising of $8.75 million and a $50,000 minimum commitment.

The fund’s distribution objective for FY22 is 6.5 per cent and is hunting for a seven per cent distribution in FY23.

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