Kiwi syndicator pays $10 million for a Schweppes bottle and production facility in Goodna

A New Zealand-based syndicator saw plenty of long-term fizz in a production and bottle facility west of Brisbane

Schweppes Australia production and bottling facility at 316 Brisbane Tce, Goodna.

A NEW Zealand-based syndicator believes there’s plenty of fizz in the southeast Queensland industrial market by snapping up a production and bottling facility south west of Brisbane.

Silverfin Capital Limited paid $10 million for the Schweppes Australia tenanted property at 316 Brisbane Tce, Goodna, after an expressions of interest campaign run Colliers International's Stewart Gamblin and Simon Beirne.

Mr Gamblin said the campaign produced 50 inquiries, more than 20 inspections and numerous offers from local, national and overseas investors and syndicators.

“The interested parties were attracted to both the strength of the Schweppes Australia brand and extensive capital works invested by the tenant into the already recently modernised production facility,” he said.

The sale price reflected an initial yield of 8.03 per cent and Auckland-based Silverfin said the property would go into its Brisbane Terrace Partnership and will produce an 8.65 per cent pre-tax cash return to June 30, 2019.

According to CoreLogic the property last changed hands in 2006 for $5.925 million when it was bought by local investor Rosa Capital.

Schweppes, a subsidiary of global giant, Asahi Beverages has leased the 9471sq m production and bottling facility on a 2.32ha site until 2024 and has three options.

As well as the top-line tenant the deal was sweetened by Asahi’s $30 million investment a few years ago in the property which included a new production line, stainless tanking system, epoxy flooring, automatic rapid doors and an auto rolling dock system.

Mr Gamblin said the asset attracted strong interest from a mix of investors.

“The final result reinforced the ongoing demand for these types of assets with national and international tenants and the limited investment opportunities currently available in the market,” he said.