MPF seals direct sale of 11 Excellence Drive for $5.25 million
The team at Mair Property Funds is delighted to announce we have successfully sold the 3500m2 warehouse at 11 Excellence Drive in Wangara, WA to leading medicinal cannabis company, AusCann Group Holdings Limited.
Purchased in 2012 as part of our multi-asset commercial property trust, MPF Property Trust 1, the asset sold for an impressive price of $5.25 million – significantly above the asset’s last valuation.
Mair Property Funds established the MPF Trust for a term of eight years in 2001, and the trust has since provided investors with annual distributions of over 7%.
In consultation with our network, we were alerted to a demand from an owner-occupier indicating strong interest in a modern warehouse facility, but with potential for adaptation to suit specific functions and fit-out.
Through our market contacts, we were able to secure a strong offer from AusCann, divesting the asset via direct sale at a rate of $1,579 per m2.
We are extremely pleased with the result of the sale and believe it provides a strong exit position for the trust whilst meeting the owner occupier’s need for a well-located, modern facility to suit their future needs.
The property occupies a prominent position on Excellence Drive with strong visibility and exposure to the high volume traffic of Hartman Drive, and boasts a fit-out that is ideal for the needs of the modern market, including good truss heights, well-specified offices and full drive-around access within a secure self-contained facility.
The sale will see the warehouse become the site of a new state-of-the-art research and development facility as part of AusCann’s pharmaceutical development program, with the company set to invest further capital of up to $6 million to customise the site to purpose.
Mair Property Funds is a Western Australian owned company specialising in the acquisition and management of commercial property investment through unlisted property trusts. To find out more about our latest projects, visit the Mair Property Funds website.