02.03.2015

Tutt Bryant premises sold

Tat Hong has announced the sale and lease back of four properties in Australia occupied by its subsidiary Tutt Bryant to Primewest Funds for around A$23.3 million.

The move follows the collapse of a previous deal agreed in July last year for five properties with TransLinQ Income for A$30 million - see: Tat Hong sells Australian properties and Tat Hong Property deal off.

The properties included in this deal include:
- 6 and 8 Ferngrove Place, South Granville, NSW 2142
- 5-9 Motorway Circuit, Ormeau, QLD 4208
- 44-50 Great Eastern Highway, South Guildford, WA 6055.

As part of the deal Tutt Bryant has agreed it will lease the properties from Primewest for 12 years at an aggregate rental of A$1.91 million a year subject to a fixed annual base rent adjustment and market rent reviews on set intervals within the lease term.

The properties have a combined net book value of A$16.4 million, giving the group a gain of A$6.7 million, after deducting expenses.