THE land and buildings that house Wonthaggi’s iconic Cyclone Tools, at which hand digging and hand gardening tools have been manufactured since the early 1940s, is on the market.
According to marketing agents Savills Australia’s Keith Kooloos and Chris Jones in conjunction with Stephen Miles from Westernport Property Consultants, the 14 Korumburra Road property is leased to Cyclone Tools Pty Ltd, which is owned by Griffon Corporation (USA) through the AMES Companies.
The property comprises a 2942 square metre building including office, production factory and distribution warehouse components, which was effectively rebuilt when it was refurbished and extended about five years ago.
The Commercial 2 zoned, 6122 square metre site, has a 71 metre street frontage.
Mr Kooloos said the property would have wide appeal to investors given the secure lease to a well-established subsidiary of an international corporation, the central township location and the flexible zoning which facilitated ongoing industrial and commercial uses and provided potential in the longer term for significant commercial redevelopment.
“This is a very secure investment but it also offers purchasers the opportunity, subject to council approval, for future uses including supermarket, showrooms, offices or industrial uses,” Mr Kooloos said.
Mr Kooloos said the property, also known as the Shovel Plant, was originally constructed circa 1940 employing coal miners when the coal mining industry was in decline.
It was built next to the rail line to facilitate the transport of goods to the Melbourne market.
Cyclone is a long established occupier of the property having its spade line and assembly line producing spades and garden tools from the current modern factory that was built in 2010.
A dedicated electricity substation and a significant gas connection service the extensive manufacturing plant.
The property is for sale by Expressions of Interest closing Friday, July 17 at 3pm through Savills and Westernport Property Consultants.
The vendor is US-based Illinois Tool Works (ITW).