An investor paid $5.75 million, reflecting a 6.2 per cent yield, to secure a small Koo Wee Rup agricultural asset after seven days on the market.
The Browns Fertiliser farm, on 4.06 hectares at 150 Sybella Avenue contains warehouses and sheds – all up with 5457 sqm.
Switzerland based Ameropa AG is on a tenancy expiring in 2029.
Fitzroys’ Brent Glassford and Marco Sandrin were the agents.
Developers, land bankers looked in
Two hundred metres from the South Gippsland Highway, and near the Koo Wee Rup town centre, 150 Sybella Ave is within the Casey growth corridor (story continues below).
Commercial and residential builders, as well as land bankers looked in, as well as investors, and despite the short campaign, the agents said.
“Agricultural tenanted investments have become highly sought after amid a sustained period fo strong growing conditions and heightened commodity prices,” Mr Glassford added.
“Combined with the property’s secure, long-term lease…and its strong road connections, meant we had a rush of investors show strong interest,” according to the executive.
An expressions of interest campaign was scheduled to close in 10 days.
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