Warrington Capital Partners has sold an office and warehouse property in Welshpool for $11.6 million to an eastern states investment group.
Warrington Capital Partners has sold an office and warehouse property in Welshpool for $11.55 million to an eastern states investment group.
The property was sold off market and generated an internal rate of return of 11.54 per cent.
Warrington Capital Partners, which was previously known as Warrington Property, acquired 52-64 Sheffield Road from Goodman Group in 2009 for $9.35 million, according to CoreLogic’s RP Data.
Since purchasing the site, Warrington divided the property into three leasable tenancies and following renegotiation of two key leases, decided to proceed with the sale.
The identity of the purchaser was not disclosed, while RP Data listed a group of privately-held companies as the new owner, comprising Morara Pty Ltd, Diamond Empire Holdings Pty Ltd, Globe Investments Pty Ltd, Argosy Nominees Pty Ltd, Lai Properties Pty Ltd, Cacosa Pty Ltd, M&J Davis Nominees Pty Ltd and Crush Investments Pty Ltd.
“The sale of 52-64 Sheffield Road is in line with Warrington’s strategy to sell stabilised income-producing assets at strong prices to investors seeking yield performance,” Warrington founding director Chris Weaver said.
“We are delighted to have generated an outstanding result for the investors over such a long period, by executing on our core strategy of identifying strategy, defensive opportunities where Warrington can apply its management expertise to deliver value-added returns for investors.”
The Welshpool deal follows Warrington securing WeWork as a major tenant at its William Square office building in Northbridge last month.
WeWork’s Northbridge facility, set to open in December, will be the global shared office giant’s second in Perth, adding to its near-8,000sqm tenancy due to open shortly at Central Park.