An investor group has acquired an industrial investment at 8 Hereford Street, Berkeley Vale paying $2,353,000 (GST not applicable).
The property comprises approximately 820sqm of ground level high clearance warehouse with 5 tonne gantry crane plus 180sqm of offices and 45 onsite car parking spaces built about seventeen years ago.
The property was sold with a lease in place to HMA Group (Halley & Mellowes Pty Ltd) on 1,000 sqm of gross floor area at a commencing rent of $118,950 per annum Plus Outgoings and GST for a term of 5 years with 2 x 5 year options.
The rear part of the property comprising 3,165 sqm of hardstand is separately sub leased (licensed) to Leightons Holdings at an effective license fee of $42,202 per annum plus Outgoings and GST for 5 years and 2 x 5 year options
Total annual rent on the property is $180,000 net per annum plus GST providing an initial return of 7.6% per annum.
Ben Purdue from Raine & Horne Commercial negotiated the sale.