An international investment group has paid $7 million for a Goulburn Valley industrial property.
The property at 73 Old Dookie Rd, and occupied by Cleanaway, was sold via an expressions of interest campaign through commercial agent Burgess Rawson, in conjunction with Rocky Gagliardi of Shepparton-based Gagliardi Scott Real Estate.
Burgess Rawson’s Beau Coulter said the price reflected a sharp yield of 5.89 per cent after a campaign that attracted six offers from local and overseas investors.
Natalie Couper, also of Burgess Rawson, said the sale underscored the robust demand for quality industrial properties in regional centres such as Shepparton.
The 16,650 sqm freehold property had recently undergone a capital upgrade worth more than $2 million.
Cleanaway has occupied the site for 22 years and has a 12-year lease extending to November 2032, with options to 2044.
The property offers a net income of $412,589 per annum, with fixed three per cent annual rent increases.
Visit by regional telecommunications review
The Regional Telecommunications Independent Review Committee will visit Benalla and Rochester on May 3 to hear from people in regional and rural areas about the communications issues they face.
“We want to understand what people across regional and remote Australia experience in the delivery of voice and broadband services, and what the issues are that impact them,” review chair Alannah MacTiernan said.
Public submissions to the committee opened on April 23.
People who are unable to attend the face-to-face consultation can lodge a formal submission or complete a survey, which will be published during May.
For more information, to make a submission or to register your attendance at the stakeholder consultation session in advance, visit www.rtirc.gov.au
Building department roles outsourced
If you’ve tried to build a house in Greater Shepparton or worked to get a development off the ground, you may have experienced delays.
If you did, those delays may have been caused by a shortage of staff in council’s building department.
In an attempt to address those shortages, council has decided to outsource some of the roles to GVOSS Pty Ltd.
The initial contract term is for two years with the option to extend the term for three periods of one year each.
The estimated contract value over five years is around $3.6 million, but it’s hoped the measure will speed up council processes.
Farmers’ fund proposal ahead of state budget
In another instalment of budget wishlists, the Victorian Farmers Federation has proposed the creation of a capital expenditure fund for farmers ahead of next month’s Victorian budget.
VFF president Emma Germano said the proposal would see a fund provide grants and low-interest loans to eligible farmers to undertake on-farm capital investments and improve supply chains.
“There’s no doubt that despite our economic heavy lifting and genuine rank as one of the state’s biggest employers, the agriculture industry has been short-changed on critical investment from the government for years,” she said.