EG Private Wealth has successfully completed the acquisition of a substantial industrial asset at 899 Mountain Highway, Bayswater VIC, for $19 million, further strengthening its exposure to high-quality industrial assets within Melbourne’s tightly held eastern corridor. .
The property comprises five freestanding factory and warehouse buildings, each separately titled, with ancillary office accommodation and staff amenities. Constructed circa 1980, with one building completed in 2000, the buildings are configured to support flexible leasing arrangements and future value-add initiatives.
EG established a new syndicate offered to its wholesale clients which closed oversubscribed and will implement a refurbishment program to enhance the improvements and unlock further value for investors.
The property is fully leased to a diversified mix of tenants across manufacturing, automotive and self-storage, providing secure income underpinned by established local businesses with long trading histories.
Located approximately 26 kilometres east of the Melbourne CBD, the asset sits within Melbourne’s established eastern industrial corridor. Bayswater benefits from excellent transport connectivity, with direct access to Eastlink (M3) and the wider metropolitan arterial road network, enabling efficient access to the CBD, Melbourne Airport and the Port of Melbourne.
The surrounding precinct is characterised by limited supply and constrained new development opportunities, supporting sustained tenant demand and rental resilience.
“Securing Bayswater demonstrates our ability to source and secure assets in tightly held locations and actively position them to deliver superior investor outcomes,” said Rodney Walt, Head of EG Private Wealth. “Through a combination of strong underlying income, refurbishment works and active asset management, we are targeting investor returns in the order of a 16–18 per cent IRR base case, with clear potential for outperformance driven by rental growth and long-term capital appreciation in one of Melbourne’s most sought-after industrial precincts.”
The acquisition, which was brokered by GO Commercial Industrial under the guidance of Robert Colaneri and introduced by Damian Wisdom from HRB and Co aligns with EG Private Wealth’s disciplined investment strategy, targeting well-located industrial assets with stable income profiles and clear value-add and longer-term redevelopment potential.