Spanish engineering giant sells under-utilised industrial site
EXCLUSIVE
Engineering giant Acciona has sold a north west Sydney industrial holding for 10 per cent less than expectation when it hit the market in January.
The 1.9 hectare Mount Kuring-gai property fetched $19.75 million – a 6.4 per cent net passing yield based on the initial annual rent, part of a three year leaseback.
The buyer, a local business, plans to move in.
Spain based Acciona, which in 2020 took over Lendlease’s engineering business, including Abigroup Properties, which held this asset, initially appointed Colliers as selling agency; an expressions of interest campaign closing February 29 carried c$22m hopes.
In May, One Commercial’s Ben Byford and Joshua Charles launched an EOI closing June 4.
The deal comes nearly three weeks since we reported Arrow Capital Partners paid ESR c$101.8 for a 5.8ha Mount Kuring-gai business park – the priciest standalone industrial asset to trade this year.
Mount Kuring-gai is 31 kilometres from Sydney’s CBD (story continues below).
Another Mount Kuring-gai deal
At 26-32 Beaumont Road, off the Pacific Highway, the Acciona property contains three structures – an office/warehouse, shed and storage area – with a total of just 1803 square metres.
The sheds have a clearance between 7.8-9 metres, accessed from five on-grade roller doors.
The floor is concrete slab while the roof is pressed metal.
Zoned E4 General Industrial, with a 1:1 FSR, it could accommodate a taller building – up to 14.5m.
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