Albury block fetches $1.71m

A cold storage warehouse in North Albury has sold for $1.71 million at an auction held in Sydney yesterday.

A lease on the 4047 square metre block on Carcoola Street is held by PFD Foods, a subsidiary of Woolworths Group. The lease expires in 2031.

A Burgess Rawson Sydney spokesman said the warehouse had a floor area of 1652 square metres and had an “attractive landlord-favourable net lease structure”.

“It’s guaranteed rental growth with fixed annual rent increases – the net income is $89,333 per annum,” the spokesman said.

“PFD Foods pay rates, land tax, building insurance, public liability insurance, management fees and repairs.”