Trilogy sells Mackay warehouse after extension
Trilogy Funds has sold a Mackay industrial investment after eight years, an extension and revamp.
The asset manager also renewed the tenant, Independent Mining Solutions, to 33-41 Diesel Drive before quietly offering it for sale.
It banked $15.1 million on behalf of unitholders in the Industrial Property Trust.
Trilogy paid $11.25m in April, 2018.
The asset was four years old with 1800 sqm of workshops and 700 sqm of offices in two buildings.
Trilogy then constructed 900 sqm of workshop space for the tenant.
It also added 10 two tonne electric jib cranes and two 25-tonne overhead cranes to the warehouse, extended an awning c300 sqm to allow for all weather loading, and boosted the hardstand by 470 sqm; there was 2582 sqm (continues below).
“The works increased site coverage and supported the tenant’s operational expansion, leading to a lease extension and higher rental returns,” a spokesperson for the asset manager told investors.
The 9813 sqm site also contains a 720 sqm wash bay and 25 car parks.
IMS is committed until mid-2031.
The sale price was higher than a recent external valuation.
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