Energy company sells HQ with leaseback
Magellan Power has sold its Perth headquarters with a three year leaseback – time it plans to build a replacement.
The energy group is banking $4 million for 64 Bushland Ridge, Bibra Lake (marked, image, top) – about 20 kilometres south of the CBD.
Based on the starting annual rent it was offering to keep occupying ($250,000 excluding outgoings), the deal, with a local investor, reflects a 6.25 per cent yield.
Magellan to upsize
Magellan paid the WA Land Authority $2.6m for the 2363 square metre block in 2011.
The two storey office/warehouse it developed contains 1690 sqm and car parking, including undercover.
Scoop Commercial’s Scott Bailey was the agent.
Magellan’s next base is expected to be bigger.
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