Newmark buys VicRoads testing and inspection centre
Newmark Capital has bought a VicRoads testing and inspection centre for a diversified fund it seized control of in June.
The Wendouree asset, north west of Ballarat, set it back $8.975 million – a seven per cent net passing yield.
Zoned Public Use, limiting occupancy but allowing government divisions, it contains 1706 square metres of improvements, completed in 2001.
The office component was recently refurbished.
The site, 86-88 Learmonth Road, spreads 8585 sqm with 114 car parks.
VicRoads’ lease expires 2030 with a two year option.
CBRE’s Scott Hawthorne with Burgess Rawson from CBRE’s George Wilkinson represented the vendor, a private investor.
The deal comes 16 months since we reported HMC Capital sold the neighbouring HomeCo Wendouree to Bentley Property Group, for $54m.
Pelligra is also building a large format retail complex across the road, part committed to Amart and Nick Scali (continues below).
High profile property
The VicRoads Wendouree facility is passed by over 20,000 vehicles a day, the marketing agents said.
Six offers came in, they added. Two were from interstate: New South Wales and Western Australia.
Newmark will hold the property in the Property Income Fund, acquired from Australian Unity, with assets worth over $200m including office, industrial, retail, student accommodation and specialist disability housing.
The trust was established in the late 1990s.
“There is excellent interest from buyers across the country seeking fundamentally sound opportunities in high growth regional locations,” Mr Hawthorne said.
“Ballarat and other core regional areas in Victoria remain high on the investor wish list,” he added.
Subscribe to our newsletter at the bottom of this page.
