Private investor has purchased a 6,855sqm facility within the Motorway Business Park in Ormeau for $11.1 million on a yield of 7.3 per cent.
The high quality purpose built facility is occupied by ASX listed PWR Performance Products who has recently committed to a new 10 year lease with two 5 year options. The 9,349sqm site is located within the established Yatala Enterprise Area at 99-103 Lahrs Road.
“National campaign brought in significant interest and offers from the local area as well as interstate, comprised of mix of investment groups and privates,” said Adam Wills, Director of Industrial at Colliers International.
“The Property Advisory purchased the property. What really appealed to them about this investment was the high profile location on the M1 Motorway within a major growth corridor and a new 10 year lease to an ASX listed tenant.”
The tenant, PWR provides world class cooling solutions by manufacturing high performance aluminium radiators, intercoolers and oil coolers for leading race categories and teams such as F1, NASCAR, V8 Supercars, Deutsche Tourenwagen Masters and World Rally Championship.
They expanded into the US market after being acquired by US based C&R in March last year, and were listed on the ASX in November.
The state of the art manufacturing facility includes a controlled atmosphere brazing furnace, CNC machine shop, R&D and design department, large fabrication capabilities and an in-house wind tunnel.