Airtrunk Founder Pays $54.5m for Spotswood, Mulgrave Sites
Airtrunk founder Robin Khuda has paid a combined $54.5 million for two Melbourne properties with development potential through his newly established commercial real estate business Onterra.
The sites are at Mulgrave and Spotswood.
Industry sources reported that Khuda paid around $30 million for 634-636 Wellington Road at Mulgrave, a 1.68ha site with mixed-use zoning.
The property comprises 9750sq m of building area including 2008sq m of office space and 143 car parks.
JKD sold the asset via an off-market transaction, after it acquired it from Officemax for $11.25 million in 2019 with a leaseback arrangement.
At Spotswood, Onterra acquired 20-42 Simcock Avenue for $24.5 million.
That site, a former logistics facility leased to Toll Group, is next to the West Gate Bridge and includes extensive paved hardstand areas that would enable straightforward redevelopment potential for industrial or logistics use.
The property previously failed to sell in 2021 when it was marketed with a guide price of more than $19 million.
The acquisitions target properties considered too small for institutional investors while capitalising on constrained development finance affecting private competitors.
Both sites have access to improved transport connections and prime positioning within infill logistics corridors.
Khuda established Onterra to focus on small-scale industrial and office projects in infill suburbs, with an eye on under-utilised commercial and industrial assets.
The business operates separately from his residential developer Ondas, which specialises in high-end apartment projects.
Onterra’s portfolio includes 221 Bringelly Road at Leppington in Western Sydney, acquired mid-year from Isaac Property Developments for $20.5 million.
The site offers quick-service retail development potential with plans for a childcare centre and gym.
Khuda’s Asia Digital Investments won approval in September for a three-storey, five-apartment development at Palm Beach.
Khuda also recently committed to penthouse floors at a prominent Dexus office building for Airtrunk’s Melbourne headquarters.
He co-purchased Double Bay’s Piccadilly Court office and retail complex from Aussie Home Loans founder John Symond.
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