Property for Industry Ltd has sold one vacant Penrose property out of a portfolio of 5 it bought from Sistema Plastics Ltd in 2015, and has leased 3 others.
General manager Simon Woodhams & chief financial officer Craig Peirce said today PFI had sold the vacant 65 Hugo Johnston Drive (pictured) to an owner-occupier for a gross $14.25 million after an unsolicited offer, with settlement due on 21 June. The price represented a 17.8% premium over current book value and 29.4% over the initial purchase price.
PFI paid $28.5 million in 2015 for the 5 properties – 4, 6 & 10 Autumn Place and 65 & 80 Hugo Johnston Drive.
Motat (the Museum of Transport & Technology) recently leased 9364m² at 6 & 10 Autumn Place.
Boxkraft Ltd signed up last October to lease 3872m² at 80 Hugo Johnston Drive, starting in January, 6 weeks after Sistema’s departure.
The 2 leases, for an average term of 6.7 years, are worth a total $1,269,647/year to PFI.
4 Autumn Place, the smallest property in the portfolio, is still vacant, but PFI said it represented just 6.5% of the total lettable area originally bought.
Attribution: Company release.