EG in the black after Ingleburn flip
EG has sold a south west Sydney business park after four and a half years.
The fund manager finished in the black following the $62 million disposal of 5 Williamson Road, Ingleburn.
It paid billionaire businessman Bob Ell’s Leda Holdings $38.2m, holding it in the Australian Core Enhanced Fund.
Irongate is the buyer.
Low yield…again
On 4.1 hectares, 5 Williamson Rd contains 18,514 square metres in three buildings; leased to packaging groups, SPS and ABBE – NSW (formerly Austcor), the weighted average lease expiry is nearly three years (story continues below).
Irongate is buying it on a low yield – 4.9 per cent – reflecting its development upside (EG’s price equated to a 5.4pc return).
JLL agents Ben Hegerty and Jack Kelliher said the property has other exit strategies too, with improvements that could be subdivided and sold down.
Ingleburn is about 50 kilometres from town.
Also today we are reporting Irongate bought a cold storage facility in the city, at Minchinbury, from Barber Property Group and Minus 1 Refrigerated Logistics, on a fund through basis, and two Brisbane warehouses from ISPT.
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