Property for Industry Ltd has bought MaxiTRANS Industries Ltd’s 2.4ha Takanini manufacturing & service facility for $17.2 million in a sale & leaseback deal negotiated by Ray White Commercial.
MaxiTRANS is a leading supplier of road transport equipment in Australia & New Zealand for the general freight, temperature-controlled freight & bulk transport sectors.
The ASX-listed company is also a leader in transport industry repair & service support through its network of company-owned & -operated repair & service divisions and its franchised dealer networks.
Managing director & chief executive Dean Jenkins said yesterday: “The sale & leaseback of the Auckland facility is part of the ongoing capital allocation review being undertaken by MaxiTRANS to support the group’s strategic agenda.”
MaxiTRANS has also executed a contract for the sale & leaseback of its Richlands manufacturing facility in Brisbane. Mr Jenkins said both properties were sold above their carrying value.
PFI bought the Takanini property on a 5.35% return on the initial purchase price. The lease also contains an opportunity for PFI & MaxiTRANS to work together to further develop the 2.4ha site.
PFI chief executive Simon Woodhams said: “The acquisition of 51-61 Spartan Rd is in line with the strategy we announced in February, which includes starting to replace PFI’s non-industrial assets with quality industrial properties in sought-after areas, either via acquisitions or by value-add strategies within the existing portfolio.”
Ray White Commercial director John Davies said the agency ran an off-market request for proposal campaign for 3 weeks. The deal went unconditional yesterday & settles today.
51-61 Spartan Rd:
Features: 2.4ha site, warehouse 2700m², canopies 1100m², office 550m², yard 15,000m²
Rent: $920,000/year net + gst, 12-year lease from today, 2.75%/year fixed rental growth, plus rent to come on development land for another assembly workshop
Outcome: sold for $17.2 million net at a 5.35% return on the initial purchase price
Agents: Nigel Ingham & John Davies
Attribution: PFI, MaxiTRANS, Ray White Commercial.