Stockland have sold a Distribution Centre in WA to Charter Hall in a $63.5m deal.
The property at 22 Geddes and 20 Kenhelm Street in Balcatta, is 12 kilometres north of the Perth CBD, and is the largest, single industrial site in Balcatta and home to the Brownes Dairy head office, processing and distribution centre.
The 10ha site includes 2.1 hectares of surplus land available for development and was initially acquired by Stockland in 2014 for $51.5 million on an initial yield of 7.5 per cent.
The asset was sold on a triple net lease structure and a 14-year weighted average lease expiry, with annual rent reviews of 3.25 per cent and was acquired by one of Charter Hall's unlisted direct property funds on a yield of about 6 per cent.
It was sold off-market through Colliers International and CBRE.
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