Garda Capital buy up Industrial asset in Morningside21 September 2019
Garda Capital has entered into contracts to acquire 2 industrial assets in Thynne Rd Morningside for $41m.
Garda Capital will house the asset in the Garda Diversified Fund which contains 15 other assets valued at circa $331m.
The 4ha site contains two existing buildings providing 16,979sqm and a surplus land area of 7,500sqm with a DA for a third building of 5,782sqm.
The two existing buildings are fully leased with a WALE of 3.35years and will return a 6.5% yield on the acquisition price. The larger of the two buildings, 11,475sqm is leased to Komatsu and was constructed approximately 10 years ago, while the 5,504sqm building is leased to Wallace International and was constructed approximately 30 years ago and refurbished comprehensively two years ago.
The property was marked by Colliers.