MMJ Real Estate (MMJ), on behalf of AMP Capital, has recently completed the sale of an industrial property at Somersby for $5,700,000. The property has been acquired by a private client of CYRE Trilogy Group, a leading Sydney based property investment and funds management business. Chris Johnson and Robert Houston of MMJ’s Sydney office handled the sale of the property.
The industrial facility is located at 6 Chivers Road, Somersby on Sydney’s central coast. Positioned on the corner of Chivers and Gindurra Roads, the 6,680 square metre property comprises a modern industrial facility containing five warehouse buildings and three office buildings. The complex features conventional high clearance warehouse space and ancilliary office accommodation, providing a ratio of 13% office to 87% warehouse.
The property is part of Somersby Industrial Park, which was opened in June 1980 and comprises 300 hectares of land zoned for industrial purposes. The site is approximately 1.3 kilometres to the north of the Sydney/Newcastle (F3) interchange with the Central Coast highway.
Situated on a site of almost 2.9 hectares, the property is fully leased to Pall Corporation on leases expiring in July 2020. Listed on the New York Stock Exchange, Pall Corporation is a global leader in the high-tech filtration, separation and purification industry with turnover of $2.7 billion and 11,000 employees. The property will show the purchaser an initial yield on current passing net income of approximately 9.9%, with fixed annual rental increases and the potential of further development on the site.
Peter Arnold – Director, CYRE Trilogy Group, commented that their client had been attracted to the property by its relatively long term lease commitment, the fixed annual rental increases and the potential to further develop the property in the future.