Terraplex is pleased to announce the successful acquisition of 17–39 Freight Drive, Somerton for A$42.5 million, a high-quality four-warehouse logistics asset located within Melbourne’s northern industrial corridor.

The property comprises four individually titled warehouses totalling approximately 21,400 sqm on a combined 3.6 hectare landholding with prominent frontage to Freight Drive. The property benefits from excellent connectivity to the Hume Freeway and Metropolitan Ring Road, placing it within one of Melbourne’s most strategically important freight and logistics precincts. 

The acquisition has been completed through the Terraplex Freight Drive Industrial Opportunity Fund, a single-asset investment vehicle which was oversubscribed by both existing and new investors.

The fund strategy is to undertake a staged sell-down of the individual warehouse titles to private investors and owner-occupiers over a projected 12-month investment period, allowing Terraplex to unlock value through a “wholesale-to-retail” strategy.  This strategy was also successfully adopted with the Terraplex Noble Park Opportunity Fund which delivered a 30% pa plus IRR to investors and completed in late December 2025.

The Freight Drive property is currently fully occupied (including rental support arrangements) and generates a passing net property income of approximately A$3.1 million per annum, providing income coverage during the sell-down period. 

Terraplex has already received off-market interest from multiple parties for several of the warehouses and have commenced marketing the properties for sale.

Freight Drive represents a compelling opportunity to acquire a well-located industrial estate in Melbourne’s northern logistics corridor and realise value through a structured sell-down strategy.

Demand from both owner-occupiers and private investors for well-located industrial assets remains strong, particularly at the mid-market price point targeted by this project.