PWR HEADQUARTERS SOLD FOR $11.5 MILLION
Written on the 24 October 2016
THE home of PWR Performance Products has been bought by a private investor for $11.1 million on a yield of 7.3 per cent.
PWR recently signed a 10-year lease extension for the 6,855sqm facility, located within the Motorway Business Park in Ormeau, with two five-year options. The 9,349sqm site is located at 99-103 Lahrs Road.
Adam Wills, director of industrial at Colliers International, marketed the property.
He says a national marketing campaign brought in significant interest and offers from the local area, as well as interstate, but in the end, the property advisory bought the property.
"What really appealed to them about this investment was the high-profile location on the M1 Motorway within a major growth corridor and a new 10-year lease to an ASX listed tenant."
PWR manufactures automotive cooling solutions for leading race categories and teams such as F1, NASCAR, V8 Supercars, Deutsche Tourenwagen Masters and World Rally Championship.
The company expanded into the US market after being acquired by US based C&R in March last year, and listed on the ASX in November.
The state-of-the-art manufacturing facility includes a controlled atmosphere brazing furnace, CNC machine shop, R&D and design department, large fabrication capabilities and an in-house wind tunnel.