This industrial property represented a sale and lease back for 10 years on triple net terms to PMP Limited.
The property comprises 31,873m2 of improvements on 6.1 hectares of land. The property represents a strong acquisition with appropriate risk adjusted returns providing an attractive yield and triple net lease. The site’s location is an established residential area 21km’s SE from the Melbourne CBD, close to local railway and transport nodes and shopping and medical facilities suggesting a residential rezoning, with initial indications showing up to 325 dwellings, may be the highest and best use for the site at some time in the future.
Abacus subsequently acquired and sold the adjacent school site to the north of the property to a local developer for medium density residentila development.
This property was contracted to be SOLD in October 2016 for $51.5 million. Settlement is anticipated in April 2017.
|Valuation date||May 2015|
|Acquisition date||May 2013|
|Gross lettable area||31,873m2|
|WALE by income||6.9 Years|
|Rent review stucture||Fixed|
|Major tenants by income||PMP Limited|
|Valuation range||$10-30 million|