Original Juice Co HQ collects $20m
The private investors who paid Cadence Property Group $12.75 million for a Mill Park warehouse three years ago have sold it for $20m.
The 2.44 hectare asset (outlined, top) with a 11,420 square metre office and distribution centre at 20 Heaths Court, is leased until April, 2033, to Food Revolution Group, which operates it as subsidiary Original Juice Co’s headquarters.
The rental agreement calls for three per cent annual rises.
Based on the present return, the sale is being struck at a 4.25 per cent net passing yield.
Jones Real Estate’s Paul Jones brokered the off-market deal.
The disposal comes 11 months since we reported Bunnings sold a 1.4ha tract beside its Mill Park store for c$7m.
Elsewhere in the suburb, 18 kilometres north of town, an ex-Floridia Cheese factory traded two years ago permit-ready for a townhouse project (story continues below).
Significant growth since 2019
The 20 Heaths Court vendors, via a company, A&K Obaidi, picked it up in March, 2019, on a 6.21pc return.
At the time, it was newly refurbished – at a cost of c$2.5m – and re-let.
Cadence acquired it 13 months earlier as part of a larger holding, for $7.15m.
“With neighbours including the Rivergum Shopping Centre, Woolworths, Bunnings and Westfield Plenty Valley, this infill site is already a destination location, with the proposed North East Link to further drive prices upwards, similarly to what Eastlink did to Melbourne’s south-east” Mr Jones said.
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