Nationwide Towing & Transport founders sell four industrial investments with a leaseback
The founders of Nationwide Towing & Transport have sold four industrial investments with a leaseback for a speculated total price of more than $14 million.
The same vendors separately offloaded Collingwood’s Melbourne Impound Yard to RACV – which in 2017 acquired a 51 per cent stake of the tow business now under the Nationwide Group umbrella.
All properties hit the market in November, 2018.
CBRE’s Ben Hegerty, Tim Homes, John Micallef, David Corke and Chris Monterosso, sold the portfolio of leaseback investments, in Sydney, Melbourne, Gold Coast and Perth, to separate buyers.
The leasebacked investments
When the portfolio was for public sale – it carried a weighted average lease expiry of 2.9 years and was returning annual rent of $901,960 (story continues below).
The priciest property was at 7 Tollis Place, in Sydney’s Seven Hills (pictured, top); a holding returning $360,360 per year and which has surplus land available for redevelopment, and is understood to have sold for about $6.13m .
The other assets were in Queensland at 12 Industrial Avenue, Southport (c$3.2m), 10 Ashburn Place, Blackburn, in Melbourne (also c$3.2m) and 42 and 44 Lancaster Road, Wangara in Perth.
Last December the the vendors banked $15m selling the Melbourne Impound Yard at 34-44 Cromwell Street, Collingwood, to RACV.
That 2016 sqm holding failed to trade a year earlier when it was marketed to developers with potential vacant possession.
Nationwide Towing & Transport was established 60 years ago.
