Opal Packaging-Leased Industrial Asset in Irymple Sells For $5.5 Million

An industrial facility leased to global company, Opal Packaging has sold for $5.5 million in Irymple, Victoria.

Burgess Rawson’s Sam Mercuri, Wendy Thomson and Matthew Wright brokered the transaction via an Offers to Purchase campaign.

Positioned at 780 Koorlong Avenue, the asset is backed by a brand-new four-year lease to Opal Packaging, a wholly owned subsidiary of Nippon Paper Group — a Japanese-listed conglomerate with a market capitalisation exceeding $130 billion and operations in more than 160 companies worldwide.

The lease commenced 1 May 2024, with options to extend through to 2032. The tenant pays $411,900 net per annum plus GST, with fixed 3.5% annual increases and responsibility for all outgoings, including land tax on a single holding basis.

The property comprises a 6,204sqm building across three warehouses, with office and amenities, a canopy, and loading areas, set on a 22,070sqm landholding. An additional 9,662sqm of hardstand further supports its value as a logistics and industrial hub.

“This was a textbook example of what investors are looking for — a secure lease, a globally recognised tenant, and a high-quality facility in a strategic regional location,” said Mr Mercuri.

“Strong interest translated to a great result for our client.”

Located just 6.5km from the Mildura CBD, Irymple forms part of a growing commercial and agricultural region with a trade catchment of approximately 60,000 people. The sale also offered potential stamp duty savings of up to 50%, further enhancing its investment appeal.