Herbert Smith Freehills has advised Growthpoint Properties Australia (Growthpoint) on its acquisition of three adjoining property assets, including a pharmaceutical warehouse, office and warehouse, and truck facility, in Erskine Park, New South Wales.

The pharmaceutical warehouse, to be constructed at 27-49 Lenore Drive, will comprise of a new 29,055sqm warehouse designed to store pharmaceutical products. Growthpoint has acquired the 71,410sqm site and will pay a development fee of $26.65 million to Linfox Property Development upon the completion of the warehouse, which is expected in Aug 2013. Growthpoint receives an 8.5% coupon on the purchase price of the land, $19.60 million, until practical completion. This property will be leased to Linfox for 10 years from practical completion.

The truck facility, situated at 51-65 Lenore Drive, comprises of offices, a truck workshop, wash bay and an extensive hardstand truck parking and refuelling area. This property was purchased for $22.50 million and will be leased to Linfox for 15 years.

The office and warehouse, situated at 6-7 John Morphett Place, is currently Linfox’s New South Wales Headquarters. It comprises of a two level corporate office and a large modern warehouse totalling 24,881sqm on a site of 82,280sqm. The property was purchased for $35.95 million and is leased to Linfox for 7 years.

The Herbert Smith Freehills team was led by David Sinn, with support from senior associate Carla Deluca and solicitor Dakshinee Kodituwakku.

“We have a long standing relationship with Growthpoint Properties Australia,” said Sinn. “It is great to have supported the group on yet another successful acquisition as it continues to build its portfolio of high quality distribution centres.”

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