Tipalea Acquires Another Alexandria Asset

Tipalea Partners acquired 23 Mandible St, Alexandra for $14.75 million on the premise that it was a very well-located infill / last mile logistics facility with significant future redevelopment potential in what is a transformative location.

The property has NLA of just over 2,000m2 and enjoys dual street access at 23 Mandible Street and 66 McCauley Street (which fronts the 24-hour north Alexandria arts and cultural precinct) and sits midway between the soon to be completed Waterloo Metro station and Green Square station.

“Alexandria is the strongest and most prestigious industrial market in Australia and one we are very familiar and comfortable with given the experience of our previous successful projects at 29 Bourke Road, 23 Bourke Road and our current investments at 19 Bourke Rd.” commented Scott Spanton, Tipalea CEO.

Since acquiring the property, the 2,440m2 site has been “up-zoned” from a FSR of 1.5:1 to an FSR of 2.5:1 allowing for a commercial development of 6,100 m2 over several floors.

The property is now fully leased to a single tenant, Black Star Pastry, who will invest significantly in the property as their last mile dark kitchen / bakery to supply their growing Sydney store network.

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