Colliers is pleased to offer for sale the Flavorite Warragul Glasshouse via a Sale and Leaseback.
Key investment highlights include:
• A state-of-the-art, climate controlled 33-hectare* glasshouse (four* hectares due for completion in September 2021) on a substantial 77-hectare* prime landholding located in Warragul, Victoria.
• Significant 20 year triple net lease with four five year options, leased to Australia’s largest glasshouse owner and operator.
• Attractive commencing rent of $10,000,000 per annum, with fixed increases of 3% per annum providing a strong running yield.
• Flavorite’s forecast FY22 revenue is expected to be over $165 million and will grow to over $200 million in FY23 on completion of existing projects.
• The business supplies blue chip customers including Coles, Woolworths, Aldi, Costco and Harris Farm.
• The Warragul Glasshouse is the central production asset for Flavorite, with additional production coming from glasshouses that Flavorite own in Katunga, Tatura and Mansfield.
• Flavorite has a diversified product mix that includes tomatoes, capsicums, cucumbers and several high premium snacking varieties. The site also has 10-hectares* of blueberries under a netted production area (approximately five hectares) with further expansion plans underway.
• Long term commitment to the Warragul Glasshouse with significant investment in infrastructure, having been established in 1993 and now one of the region’s largest employers.
• Located approximately 95 lineal kilometres from the Melbourne CBD, the site is surrounded by high density residential development, providing an opportunity for future residential conversion.
• Warragul is both a key population centre in Melbourne’s South East Growth Corridor, as well as a premium agricultural region known for producing high-value commodities.
• Winner of the Gippsland Agribusiness of the Year in 2019 and winner of the Excellence in Sustainability Award in 2020.
The Flavorite Warragul Glasshouse is being offered for sale by Expression of Interest.