MFS Diversified Group has bought a vacant industrial development site at North Rocks, New South Wales for $34.1 million.
The McLaren Industrial Estate was previously owned by Macquarie Goodman and occupies a total area of 14.9 ha which consists of 53,165 sqm of vacant land.
The purchase price is a premium over of Macquarie Goodman’s book value of $32.5 million as at June 30, 2006. According to the Macquarie Goodman, the current major customer on the property is Unilever.
Located at 219 North Rocks Road, North Rocks, the property is 22 kilometers North West of the Sydney CBD with easy access to the M2 motorway and F3 freeway.
The property has approval for subdivision into 7 lots. Unilever occupy the remainder of the estate on medium term leases for the purpose of manufacturing and ancillary office space.
MFT said the purchase is consistent with the investment strategy of the newly merged group to acquire sites and wherever possible provide development opportunity for MFS Diversified Limited.
Settlement is scheduled for November 13, 2006.
Meanwhile, MFT has settled the sale of its property at 46 Steel Place, Morningside.
The sale price of $1.9 million realises a profit of 27% over the property’s current book valuation.
By Kathryn O’Meara
