GDI No. 38 Trust sells Bassendean properties for $29.5m

GDI No. 38 Diversified Property Trust has contracted to sell 5 and 15 Wood Street, Bassendean, Western Australia, for A$29.50 million, aligning with its most recent valuation. These properties were initially acquired in 2014 for A$10.88 million. The substantial increase in value is partly attributed to a new five-year lease entered by UGL Pty Limited on October 1, 2024, enabling the trust to capitalize on increased market rents. GDI does not hold units in the trust but will receive a disposal fee.

Following this sale, GDI No. 38 Trust will retain ownership of its sole remaining asset, the 16-hectare industrial property at 16 Broadmeadow Road, Broadmeadow. This property was valued at A$78.00 million, a considerable increase from its A$19.50 million acquisition price in 2014. Newcastle Council approved the Broadmeadow Place Strategy in March 2025, which outlines a blueprint for residential, commercial, and urban services development on the Broadmeadow property.

GDI is currently pursuing a Development Application to rezone the Broadmeadow property in accordance with the strategy, with an application anticipated to be submitted to Newcastle Council before June 2026.