Patties’ Foods is selling off the world’s largest pie factory at Bairnsdale.
The maker of the iconic Four’N Twenty pies has listed the Bairnsdale factory and another site at Pakenham with a 30-year triple net sale and leaseback agreement.
JLL agents Tony Iuliano and Adrian Rowse are marketing the properties in-one-line or as individual sales.
“We expect this notable offering to attract a wide range of investors due to the long term income stream which is secured by an iconic tenant in Patties Foods,” JLL's Tony Iuliano said.
The property at 28-46 Bald Hill Rd at Pakenham was bought in 2018 to expand operations and a $20 million expansion of the Bairnsdale bakery at 160 Princes Highway was commissioned in 2019, making it the world’s biggest pie bakery, sitting on 158,316 square metres.
Patties Foods chief financial officer Siobhan Hammer said they employed 1000 people across Australia and New Zealand and the sale of these sites with a long term leaseback arrangement demonstrated the company’s commitment to producing the iconic Australian meat pie.
“Bairnsdale and Pakenham are two key strategic sites within the Patties Australia portfolio. Bairnsdale is the engine room for Patties running 24-7 on its key lines … Pakenham provides the company with the platform for accelerated growth in the near term.
Hammer said the company recently invested more than $15 million in a fourth production line at Bairnsdale.
“This investment is critical for the strategic growth expansion into export markets with Australia’s favourite meat pie, Four’N Twenty.”
Patties Foods started baking in 1966 at Lakes Entrance and they are now the largest pie manufacturer in the world.
The international expressions-of-interest campaign for 169 Princes Highway, Bairnsdale and 28-46 Bald Hill Road, Pakenham closes 4pm Wednesday, 24 March.