SALE ANALYSIS
6-20 Clunies Ross Street, Greystanes, New South Wales
SALE PRICE
$76,600,000
SALE DATE
December 2015
VENDOR
Deka Immobilien Investment GmbH
PURCHASER
Ascendas
GLA
38,578 m²
SITE AREA
72,995 m²
YEAR COMPLETED
Mid 2000s
LOCATION
The property is situated within a slightly detached position toward the
north eastern periphery of the Greystanes industrial precinct,
approximately 27 radial kilometres west of the Sydney CBD. Although
situated within close proximity to the M4 Motorway and the Great
Western Highway, access to these carriageways is slightly indirect.
DESCRIPTION
The property consists of two freestanding buildings, a large 'A' grade
distribution facility and a two level laboratory/production building. The
distribution facility provides office accommodation arranged over two
levels and an adjoining warehouse providing internal clearance ranging
between approximately 9 metres and 12 metres. Vehicular access to
the warehouse is provided via 16 loading docks with levellers and 5 on
grade roller shutter doors. Undercover loading areas are provided to
part. The property provides ample car parking provisions for both
tenancies.
TENANCY & INCOME DETAILS
Gross Passing Income
$ 6,146,115 p.a.
($159 /m²)
Net Passing Income
$ 5,374,555 p.a.
($139 /m²)
Gross Market Income
$ 5,644,260 p.a.
($146 /m²)
Net Market Income
$ 4,872,700 p.a.
($126 /m²)
Adopted Outgoings
$ 771,560 p.a.
($20 /m²)
Vacancy (by Area)
0m²
0.0%
WALE (by Area)
5.7 years
WALE (by Income)
5.7 years
RUNNING YIELD
10.0%
8.0%
6.0%
Chart 4.7x10.45 to fit in space
4.0%
2.0%
NOI
Cash Flow
0.0%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
ANALYSIS & ASSUMPTIONS
Passing Yield
7.02%
Passing Yield (Fully Leased)
7.02%
Equated Market Yield
6.65%
Internal Rate of Return (10 Year)
8.22%
Terminal Yield
6.75%
Industrial Average Compound Growth (10 Year)
3.17% p.a.
Rate per m² of GLA
$1,986 /m²
Rate per m² of Site Area (Improved)
$1,049 /m²
CONTRACTED & SPECULATIVE INCOME
$8.0m
Contracted Income
Speculative Income
$6.0m
$4.0m
Chart 4.7x10.45 to fit in space
$2.0m
$0.0m
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
COMMENTS
• The property benefits from an Early Suppression Fast Response (ESFR) fire sprinkler system.
• For the purpose of our analysis, we have adopted net market rental rates in the order of $115 per square metre for the distribution facility and $300 per
square metre for the specialised laboratory/production building.
• The property sold fully leased to the NSW Police and Australia Post (this area is subleased to Target Australia for the balance of the lease term).
• The specialised nature of the NSW Police tenancy, which occupies the laboratory/production building, may provide leasing challenges upon lease expiry,
or may require capital expenditure to provide more generic accommodation for wider market appeal.
For further details, please contact:
Adelaide:
(08) 7099 1800
Brisbane:
(07) 3620 7900
Perth:
(08) 6500 3600
Sydney:
(02) 8234 8100
James Farrugia
Director
(02) 8234 8104
John Rasaku
Valuer
(02) 8234 8114
Melbourne:
(03) 9605 1000
m3property.com.au
In our analysis, we have relied upon information provided to us and while this information is considered reliable we are unable to guarantee its accuracy. In our analysis we also forecast future income
values. The figures used in our analysis are not a representation of a known or guaranteed future condition. We therefore cannot accept any liability for any reliance on our analysis.