News Corp print press sells for $27m
The only News Corp Australia print press for Queensland and northern New South Wales newspapers and magazines has sold.
WOTSO offered 54 Pioneer Road, Yandina, on the Sunshine Coast, after 19 years.
It paid $28.76 million.
It was listed mid last year asking $27m – believed to have been achieved.
News Corp had also just recommitted for 20 years – an agreement with annual three per cent rent rises.
As part of the lease, it also picks up all outgoings including land tax and management fees.
New long lease
On 2.29 hectares also exposed to the Bruce Highway, 54 Pioneer Rd is zoned Medium Impact and permitted to operate 24 hours a day, seven days a week (continues below).
An office/warehouse contains 9100 square metres.
News Corp reportedly invested a significant amount in the infrastructure.
The sale price reflects a 9.08 per cent net passing yield.
Colliers’ Simon Beirne and Nick Dowling were the agents.
Yandina is about 16 kilometres north west of Maroochydore.
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