Two significant industrial sites with notable long-term tenant come to market

Two prime industrial investments both leased to a notable ASX-listed company have come up for sale.

Offering a substantial approximately 30,720sqm across both landholdings, the properties at 6 Ash Road in Prestons and 45 King Road in Hornsby have new seven-year leases to Jalco Australia a division of Pact Group (ASX Listed) with a net income $1,651,650 per annum.

Situated within land constrained industrial and logistics precincts, the properties are expected to draw strong interest as demand in these scarce markets attracts a wave of potential buyers.

A combined GLA of approximately 13,000sqm plus immediate value add and longer-term development upside also makes both sites an attractive prospect.

The Prestons property, which is listed with Adrian Balderston and Fab Dalfonso of Colliers in conjunction with Jason Edge and Adam Tresidder of CBRE, comes with IN3 Heavy Industrial zoning and is ideally suited to redevelop into a prime logistics facility (STCA).

“Significant demolition or redevelopment clauses unlock the site’s value-add/development upside, which is further supported by favourable FSR and height controls,” Mr Balderston said.

Similarly, the Hornsby property comes with IN1 General Industrial zoning, is currently suited for high power occupiers due to the excellent power supply. With excellent value-add and development upside, the property is listed with John Carney and Lachlan Crumpton of Colliers and Peter Mangraviti and Jason Edge of CBRE.

“Situated in a land constrained market with no current supply of this quality, the asset is set to benefit from high underlying land value,” Mr Carney said.

“A rare asset of scale on the North Shore, the property benefits from a strong existing lease covenant with secure income while offering multiple value add opportunities,” Mr Mangraviti said.

The properties are offered for sale individually or in one line via Expressions of Interest, closing Wednesday, 2nd November at 4:00pm (AEDT).