Aviator buys game processing plant
Aviator Capital has purchased a game processing plant and cold storage distribution centre three kilometres west of Ipswich.
The 6350 square metre facility on 2.43 hectares, 140 Toongarra Road, Wulkuraka, traded just before the end of financial year for c$11.3 million – an 8.25 per cent net passing yield.
Game Meat Processing, a subsidiary of The Real Food Pet Company, is the occupier.
The deal comes four years since Aviator sold an Ashgrove medical centre – the Highpoint Wellness Hub – to Elanor Investors Group for $51.9m – a significant jump on its outlay four years earlier.
Wulkuraka is 50 kilometres from Brisbane’s CBD.
Income, development upside
Developed in the 1980s, the Wulkuraka complex recently underwent a $7m upgrade including with a swank entrance foyer with a cafe.
The lease agreement has 18 years left to run.
After that – or before with permission of the tenant – there is development upside to the tune of 7800 sqm, improvements covering a low 26 per cent of the block.
Gold Coast based Aviator has slotted the investment into a single asset fund established last October, targeting an eight per cent annual return, with quarterly distributions.
Modus Property Group’s Jack Pershouse and David Gibson were the agents.
The deal comes a month since we reported Corval acquired a Cordina backed chicken processing plant in Sydney’s Girraween.
Last week meanwhile, ProTech – which is being bought by Aware Super and KKR – picked up an asset of this type in regional Victoria.
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