The Hannan family is selling its Sydney Corporate Park to property trust Goodman Australia Industrial Fund for $343m, following the relocation of its Hannanprint site to Warwick Farm.

Sydney Corporate Park in Alexandria is spread over almost 14 hectares and has been developed by the family since 1985, when it was first purchased to house Hannanprint which had outgrown its five-acre site at Waterloo. The most recent Hannanprint move, to Warwick Farm, took five years from concept to completion. The family says the property divestment will facilitate generational change for the 125-year-old company, as its fifth generation steps up to influence the group’s direction in the future. IPMG, the overarching group of marketing service businesses, which includes Hannanprint, says it is committed to continuing as a significant investor in commercial and industrial property, and is now looking for new opportunities. It says it plans to continue to foster its investments in digital marketing and printing services. Amongst its property portfolio IPMG owns the freehold of its four print facilities, including the new Hannanprint facility at Warwick Farm, Bolton Print in Cairns and multi-state outfits Offset Alpine and Inprint.

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