Cosgrove adds $58m of Perth industrial
Banjo Bond’s Cosgrove has outlaid $58.2 million for two of four industrial properties recently offered by Lester Group.
The priciest, 111-121 McDowell Street, Welshpool, cost $31.3m.
On 3.86 hectares with a 4912 square office/warehouse, leased until February 2029, it collects annual rent of $1.94m.
Lester acquired the property for $20.6m in 2022 after developing a new logistics facility for seller Hitachi Construction Machinery Australia at Forrestdale – which Hitachi bought from a private syndicate for $15.9m.
Meanwhile, 7 Ashby Close, Forrestfield (pictured, top), set Cosgrove back $26.9m.
With 9314 sqm on 3.2ha, it is leased to Warners Transport & Distribution until January 2034.
The facility was completed in 2014 and acquired by Lester for $20.5m in 2018 when it was leased to ASCO.
Based on the annual net rent ($1.65m) the ons ale is being struck at a 6.1 per cent yield.
The surrounding Welshpool-Forrestfield industrial precinct is occupied by major logistics and industrial businesses including Linfox, Veolia, Toll, K&S Freighters, Boral and Komatsu.
Portfolio sell-down
Lester’s offered the assets as part of a four-property portfolio in April.
Bastow Group bought 883 Abernethy Road, Forrestfield, for $20.5m – a 6.1pc yield (continues below).
On 1.8ha with a 6038 sqm office/warehouse it returns annual rent of $1.25m on a lease expiring in January 2031.
A Bilbra Lake property, 2 Discovery Drive, was also offered.
The smallest asset – on 6425 sqm – it contains a 2213 sqm improvement leased for three more years.
The present return is $619,545.
Colliers’ Sam Hammond, Hayden Dick, Gavin Bishop and Sean Thomson is acting for Lester.
Cosgrove, Lester trade two assets
The Cosgrove and Welshpool deals comes three years since realestatesource.com.au reported Cosgrove bought the 23,400 sqm Midland large-format retail centre from HMC Capital for $74.75m.
It also acquired the Esplanade Hotel in Fremantle for $116.5m in 2024 – a trophy property the family previously held.
More recently, Cosgrove snapped up a 4.13ha industrial property at Bibra Lake, leased to ASX-listed BlueScope Steel, the Busselton Central shopping centre from Australian Unity, and a homemaker centre 130 kilometres south-west of Brisbane anchored to Harvey Norman.
The company now has about $1 billion of assets under management.
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