Ascot Capital sells lab for $11.5m

Ascot Capital has offloaded a 9,802 square metre laboratory and diagnostic facility in Myaree to a private investor for $11.5 million.

The property, at 74 McCoy Street, is tenanted by Western Diagnostics Services, which holds a further six years on its lease.

Ascot Capital director Greg King said the sale was a reluctant one.

“It’s always a difficult decision to sell quality assets, but we felt an opportunity to recycle capital showing an internal rate of return in excess of 20 per cent to our syndicate was appropriate,” Mr King said.

The deal was brokered by commercial agency CBRE.

CBRE’s industrial and logistics services director Geoff Fraser said major selling factors of the property included its long-term tenancy and large landholding in an established industrial precinct.

“It’s quite rare for large land holdings such as this within the Myaree commercial precinct to become available,” Mr Fraser said.

“Myaree is a uniquely located commercial area, which is undergoing a huge transformation.”