Ann: Market Update, page-3

Probiotec (ASX: PBP) did a sale and leaseback a few doors down (79-85 Cherry Lane) in August 2008 realising $24.5m which included some capital works on the buildings.

That was for 15,200 sqm of shed on about 31,500 sqm of land and the deal was struck on a yield of 6.4%. If you back out the buildings at $1,300 cost per sqm, you're left with implied land value of about $150/sqm.

This site is 238,100 sqm of land with a few smaller buildings, so applying that same land value would net $35.7m at a minimum, which is about what they paid for it back in 2015. Suspect they have $10m+ of debt against it so question is what the lenders will do if the spice stops flowing.