Lesters Group sell Wetherill Park Asset with 57% capital gain

Lesters Group have sold a warehouse at Wetherill Park for $24.4m, generating a capital gain of almost 60%.

The 20,300sqm site at 159 Newton Road, is zoned General Industrial IN1 and contains 10,904sqm of warehouse and a 2 level office of 1,755sqm. The property is leased to Austcor Packaging until February 2024 and generates approx $1.7m pa in net income.

Lesters acquired the property in November 2015 for $15.5m and generated a cash on cash yield of circa 9% over the 5 year period and a capital gain of 57% on the disposal.

The purchaser is undisclosed but has appointed Perpetual as its custodian.

The sale campaign for the Wetherill Park asset was kicked off by Colliers in mid 2018 along with Lesters others asset at 20 Williamson Road, Ingleburn.

The Ingleburn property sold to Dexus in June 2018 netting the group a profit of $10.26 million.