Mackay industrial investment trades for $19.5m
OzProp has sold a modern Mackay industrial investment occupied by two Michelin businesses.
The 2.15 hectare Paget property, 217 Farrellys Road, on the south west corner of Connors, curried favour with a local syndicate for $19.5 million – a 6.69 per cent net passing yield.
With 7339 square metres in two buildings, and 131 car parks, it was completed three years ago.
Fenner Conveyors Service Centre and ACE Engineering, both controlled by NASDAQ listed Michelin, are the occupiers.
The lease is triple net expiring in 2032.
With options, it can stay until 2042.
JLL’s Sam Stewart and Liam Cox were the agents.
Paget is about six kilometres south of Mackay’s CBD.
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