Fairfax Media has sold its Chullora site in western Sydney to a property developer for $45m, a week after selling its Tullamarine plant to a car dealer. The Chullora plant, which includes an existing industrial complex of 37,600sqm on more than ten hectares of land, was sold to property fund manager Charter Hall Group.

Fairfax sold its Tullamarine site last week for $16m to luxury car dealership Zagame Group; both sites have been decommissioned and ready to be sold off for some time. Fairfax initially sold both sites to Charter hall for a combined $55m six weeks ago, but that deal fell through. The Chullora plant, which was completed in 1995 costing some $340m as the company’s centralised printing operation, was decommissioned last year, with its printing operations moved to a smaller site at North Richmond, NSW. Charter Hall says the acquisition of the landmark site for its Core Plus Industrial Fund (CPIF) will further the company’s strategy to gain more land. “The Chullora acquisition presents a strategic site acquisition in which CPIF can increase the floor space and capture strong tenant demand that exists for space within prime Sydney industrial precincts,” CPIF manager Paul Ford says. “This acquisition increases the prime Sydney weighting of CPIF and extends the group’s industrial platform beyond $3bn.” The settlement is expected to take place on November 2, 2015.

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