Garbage moguls bank $11m from Amazon warehouse
The founders of ASX-listed skip business Bingo Industries, which was bought by Macquarie Infrastructure and Real Assets for $2.3 billion in 2021, have divested a Central Coast industrial investment.
Tony Tartiak and son Daniel, via their property arm, Skylife, are banking $10.85 million – a 4.74 per cent net passing yield – for 9 Marstan Close, West Gosford.
Completed in 2023 and occupied by Amazon as a Flex delivery station, the result reflects a 4.74 per cent net passing yield.
The initial lease expires in 2030 with fixed annual 3.25pc rises.
With options, Amazon can stay until 2040.
Low yield
Skylife paid $1.06m in September, 2017, for the 6008 square metre Marstsan Cl site.
The warehouse spreads 2550 sqm with two recessed loading docks (story continues below).
The incoming owner, a Melbourne based investor, will be able to claim depreciation benefits.
“Investors continue to seek strategically located premium investment properties underpinned by strong lease covenants which demonstrate stable income streams, attractive rental growth and significant tax depreciation benefits,” Burgess Rawson’s Yosh Mendis, who represented Skylife with Rhys Parker, said.
“All of these fundamentals were highlighted in Amazon West Gosford,” he added.
“Given the current cost of construction, lack of availability and increasing land prices in key logistics precincts meant the low supply of new projects where the ability to secure assets such as Amazon West Gosford was becoming increasingly rare,” according to the executive.
Skylife holds a portfolio of investments and development sites including in Melbourne, an amalgamation in inner east Cremorne, on which it is planning a commercial asset.
The group was also a partner with Time & Place to develop a 27 storey office on the Hotel Lindrum site, on Flinders St, the former bought for c$50m in early 2022.
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