Orion offloads laboratory with leaseback
Orion Laboratories, trading as Evaris Pharma but until recently, Perrigo Australia, has sold a high-tech manufacturing plant with a long leaseback.
The pharmaceutical group banked $21.5 million for 25-29 Delawney Street, Balcatta.
The buyer is AGEM Property Group, based in the suburb, led by Adrian Fiore.
Ray White Commercial’s Franz Stapelberg and Nicolas Milner were the agents.
The result reflects a seven per cent yield.
Long lease
Completed in 1994, with 8594 square metres, the Balcatta building was marketed as one of Perth’s largest pharmaceutical manufacturing plants.
The 3638 sqm site contains 62 car parks.
Orion offered it with an initial lease expiring 2040.
With options it can stay 20 years more.
The agents said the asset is one of only a handful in the city to have both TGA and GMP approval.
“Facilities of this nature rarely come to the open market,” Mr Stapelberg added.
“More often, assets with genuine pharmaceutical manufacturing credentials transact quietly off-market between sophisticated capital groups and industry players,” according to the executive.
Eleven offers came in.
Mr Milner said “the campaign presented a fantastic opportunity to educate the market on an asset type that is seldom seen in an open process”.
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