This article is from the Australian Property Journal archive
HANDY Foods has snapped up Balfours Bakers’ Milperra facility in Sydney’s south-west for $13.5 million.
Colliers International’s Gavin Bishop and Sean Thomson sold 312 Horsley Road, which encompasses 1.84 hectares and has a commercial bakery of 7,917 sqm.
The property was offered as an opportunity for owner occupiers and investors, with a short 1.49-year weighted average lease expiry as well as a net income of $721,325 per annum considered under-rented, with the chance to reset the lease with Balfours.
Balfours has been at the site for more than 15 years.
In July, private developer Leda Group paid $52 million to Lennox Industrial Inc for the eight-hectare site at 286 Horsley Road in the suburb.
The property has a holding income of $2.1 million per annum, and Leda is planning a subdivision and strata unit development on the site, which has been tenanted by Heatcraft since the 1960s.
Australian Property Journal
