Sydney warehouse quietly sells for $40m
A Canada based family office has purchased a 1.8 hectare Prestons investment – negotiating directly with the vendor.
Represented by buyer’s agent Prosper Group, Bachechi Bros Realty, a subsidiary of Carlo Inc, paid $40 million – a 4.6 per cent yield – for 275 Kurrajong Road.
The seller outlaid $29m in November, 2021.
With 9318 square metres, the property is leased for 9.5 years to Gulli Food Distributions.
An application to fit out more warehouse space with coolrooms and freezers was applied for in May.
Low yield
The yield for 275 Kurrajong Rd would increase to 4.8pc based on the tenant’s upcoming annual rent (story continues below).
“Acting on behalf of our long-term international family office client, Prosper Group sourced this property off market directly from the vendor,” a company spokesperson said.
“Our client’s brief was to purchase a high quality and functional, well located Industrial property with a long weighted average lease expiry,” they added.
“This property, constructed in 2018, with 11.5 metres internal height, loading docks, large awning, easy B Double access, plenty of staff parking and a WALE of 9.5 years to a highly regarded tenant, was exactly what our client was seeking”.
Prestons is 37 kilometres south west of Sydney’s CBD.
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