Sydney-based property funds management group and developer Charter Hall has added a $5.1 million investment to its Diversified Property Fund (DPF).

The 2,050 sqm property, situated on the Maroondah highway in Mitcham, Melbourne, is currently wholly leased to a furniture retailer. The off-market acquisition, expected to draw an initial yield of 8 per cent, is understood to be Charter Hall’s first acquisition for inclusion in the DPF since the first quarter of calendar 2006. Cedric Fuchs, Charter Hall executive director, said the property manager would continue to focus on growth property sectors and aim to make investments generally valued between $5 million and $30 million. The DPF portfolio holds 11 properties in New South Wales, Queensland, Victoria and Western Australia, collectively valued at $123 million. The portfolio is diversified among the office, industrial and retail bulk goods sectors.

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