This article is from the Australian Property Journal archive
ABACUS Property Group has cashed in a Clayton warehouse for $51.5 million after buying it three years ago for $19.55 million.
Abacus acquired the 39-41 Browns Road Clayton asset in May 2013 in a sale and leaseback for 10 years on triple net terms to PMP Limited, on a cap rate of 8.75%.
The property comprises 31,873 sqm of warehouse space on 6.1 hectares of land.
The site has potential to be rezoned for residential use, with initial indications showing up to 325 dwellings in the future.
Abacus said the property will yield an equity IRR of over 35% on repayment of the vendor finance.
“The sale proves Abacus’ skill in identifying and accessing opportunities that deliver enhanced capital gains as a result of our ability to deliver value from core plus assets,” Abacus said.
Australian Property Journal