RM Capital buys $25.5m modular home factory
RM Capital has acquired a 2.19 hectare Sunshine Coast industrial site through a fund established to develop a new factory for a major modular home builder.
The two adjoining lots, 14 and 34 Maurice Harvey Crescent, Corbould Park, within the Sunshine Coast Industrial Park, cost for $10.524 million and will be held by the RMC SCIP Fund.
Oly Homes is the seller.
It paid the state government $9.855m, excluding GST, last April.
CBRE’s Jack McCormack and Matthew Marenko brokered the on sale.
Oly Homes leaseback
The RM Capital fund raised $8.7m from investors, with Commonwealth Bank providing debt funding for the balance.
Oly Homes has signed a 10-year lease, with two five-year options (continues below).
It will become an equity partner in the development.
With an estimated end value of $25.5m, the facility will contain 3273 square metres of industrial floor space and 1.35ha of hardstand and storage.
It should increase Oly Homes’ annual production capacity from about 200 homes to 550, consolidating operations at Cooroy and Yandina.
The deal settled on September 30.
Corbould Park is about eight kilometres south-west of Maroochydore.
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