Cash-strapped government keeps property sell-off rolling
The Albanese government has sold another Australia Post-backed logistics asset from a $400 million-plus portfolio listed with leasebacks earlier this year.
The Granville Gateway Facility at 2A Factory Street, is speculated to be trading for about $115m which would assume a six per cent net passing yield.
The rent is equivalent to $250 per square metre, per annum.
It was offered with a six-year leaseback with fixed 3.5pc rent rises.
Australia Post then has two two-year options.
Granville is approximately four kilometres south-west of Parramatta’s CBD and 24km west of the Sydney CBD.
Five down
On 5.38 hectares, the Granville property contains a 27,692 sqm office/warehouse part of which used by StarTrack.
It is the fifth disposal from the portfolio (continues below).
Last month realestatesource.com.au reported the government banked $70.15m for the Darra distribution centre.
Also in Brisbane, atNorthgate, a distribution centre at 129 Old Toombul Road collected $48.4m.
On the Gold Coast meanwhile, a Bundall complex sold for $29.6m.
The government is also banking a speculated $4.6m – applying a 5.5pc yield – for 65 Galway Avenue Marleston, one of four Adelaide assets forming part of the Australia Post portfolio.
CBRE’s Chris O’Brien, Matthew Frazer-Ryan, Peter Turnbull and David Corke with Colliers’ Gavin Bishop and Sean Thomson marketed 2A Factory St.
More to come.
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