Offshore investor secures regional processing and distribution hub
One of four primary processing and distribution hubs operated by Cleanaway in Victoria’s north east has sold to an offshore investment house for $7 million – a 5.89 per cent net passing yield.
In Shepparton, 73 Old Dookie Road contains 5786 square metres with offices, truck wash facilities, warehousing and a workshop – improvements which recently underwent a $2m upgrade.
The site spreads 1.665 hectares about two kilometres east of the town centre.
Cleanaway has occupied the waste services property since 2002; its current lease, which sees it pay fixed three per cent rent rises, expires in late 2032, when it will be presented with a 12 year option.
Burgess Rawson’s Beau Coulter and Natalie Couper with Gagliardi Scott Real Estate’s Rocky Gagliardi said six offers came in following an expressions of interest campaign closing on April 10.
Another big Shepparton deal
Also today we are reporting Sydney’s Black Fox Property is paying a speculated $12m for the Shepparton Retail Hub, in the heart of town (story continues below).
Stonebridge’s Justin Dowers and Rorey James brokered that deal.
Last August meanwhile, a Dan Murphy’s store built into the historic Shepparton Co-operative Butter Factory traded for $13m – a 5.76pc return.
In landmark transactions two years ago in the town, a partnership between Sim Lian Group and Metro Holdings snapped up Shepparton Marketplace from Dexus while Charter Hall acquired SPC Ardmona’s food processing plant with a leaseback.
Sydney fund manager VIMG also in 2022 purchased a Shepparton food processing plant – but vacant – from Nestle.
Not long earlier, Mawson Constructions also bought the town’s 6.9ha ex-Shepparton News headquarters as a development play.
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