ONE SMALL STEP, ONE GIANT LEAP: MPG PORTFOLIO HITS A BILLION - REAL ESTATE SOURCE
Posted on 07 September 2022
MPG Funds Management has boosted the value of its Essential Services Property Trust (MESPT) – until recently known as the Regional Cities Property Trust – by a fifth, following a $33.5 million spending spree.
In Victoria, the manager outlaid $17.5m for a Shepparton office leased to the Department of Justice until 2032, and Court Services Victoria, which moves out next year.
On 1815 square metres at 409-415 Wyndham Street (or Goulburn Valley Highway), on the north east corner of Vaughan, the result reflects a 4.9 per cent yield.
MESPT will also be able to claim depreciation benefits; the asset is two years old.
Vinci Carbone’s Joseph Carbone and Frank Vinci with National Retail Group’s Michael Spektor were the agents.
In Melbourne, meanwhile, MPG has settled on a near-new Tarneit childcare centre for which it paid $7.02m at auction last December.
The property is valued at $7.05m in the group’s mid-year reports.
Leased to Aspire until 2036 (or 2051 with options), 1 Wade St, spreading 2851 sqm, is permitted for 122 clients.
The tenancy agreement contains fixed annual rent rises.
https://www.realestatesource.com.au/one-small-step-one-giant-leap-mpg-portfolio-hits-a-billion/
In Victoria, the manager outlaid $17.5m for a Shepparton office leased to the Department of Justice until 2032, and Court Services Victoria, which moves out next year.
On 1815 square metres at 409-415 Wyndham Street (or Goulburn Valley Highway), on the north east corner of Vaughan, the result reflects a 4.9 per cent yield.
MESPT will also be able to claim depreciation benefits; the asset is two years old.
Vinci Carbone’s Joseph Carbone and Frank Vinci with National Retail Group’s Michael Spektor were the agents.
In Melbourne, meanwhile, MPG has settled on a near-new Tarneit childcare centre for which it paid $7.02m at auction last December.
The property is valued at $7.05m in the group’s mid-year reports.
Leased to Aspire until 2036 (or 2051 with options), 1 Wade St, spreading 2851 sqm, is permitted for 122 clients.
The tenancy agreement contains fixed annual rent rises.
https://www.realestatesource.com.au/one-small-step-one-giant-leap-mpg-portfolio-hits-a-billion/