This article is from the Australian Property Journal archive
DR Frank Wolf's Abacus Property Group has bought an industrial property at Clayton in Melbourne's south-east for $19.55 million.
Abacus property the property on a sale and lease back to PMP Print Pty Ltd (PMP), a subsidiary of ASX listed PMP Limited, for 10 years on triple net terms.
The property comprises 31,873 sqm of improvements on 6.1 ha of land. The property is a significant capital investment for PMP, housing its newest state of the art printing press.
Dr Wolf said the property represents a strong acquisition with appropriate risk adjusted returns providing an attractive yield and triple net lease.
He added that the site could potentially be rezoned residential in future, with initial indications showing up to 325 dwellings which may be the highest and best use for the site.
“We are pleased to deliver another strongly accretive acquisition onto the balance sheet, complementing our recent 33 Queen St purchase last month. Its attractive yield will immediate contribute to the group’s earnings and it represents a strong core plus acquisition with strong and clear capital enhancement strategies,” he concluded.
Property Review
