Sentinel Property Group has purchased an industrial investment property in Oxley for $10.4 million on a yield of 8.44 per cent. The 7,818sqm building is occupied by YHI (Australia) Ltd and Maxam Australia Pty Ltd.
Philip Stephens and Matthew Frazer-Ryan marketed the property via an expressions of interest campaign on behalf of a private investor. The vendor originally built the premises 20 years ago for Mayne Logistics who ultimately became Linfox.
Mr Stephens said the vendor made the decision to capitalise on the strong investment market considering the property’s attractive investment fundamentals which include two international tenants with WALE of just under five years, and total net annual income of $878,183 plus outgoings and GST.
“We received over 50 enquires for the asset from a range of buyer groups and investors with Sentinel Property Group being the successful purchaser in the end. They were attracted to the site given its long leases, excellent construction and the value add opportunity of the premises for bulky goods use.”
Mr Frazer-Ryan said the property features a prime corner location on a land area of 16,400sqm and has the bulky goods approval allowing for future redevelopment and income uplift. “Being located in the ‘industrial golden triangle’ the property is surrounded by users such as Bunnings, JB Hi Fi and Harvey Norman, Toll, Allied Pickfords, Super Amart and Amcor.”
Constructed from modern concrete tilt panels the facility has excellent internal height of 12.5m at its highest point, with an EFSR sprinkler system. The warehouse area is accessed via six container height roller doors off Boundary Road, with a large frontage to Blunder Road.
YHI (Australia) Pty Ltd occupies 7,261sqm of the property which includes office and warehouse, with Maxam Australia Pty Ltd leasing the 557sqm office space only.