- Patties Foods manufactures iconic Australian food brands
- Two large manufacturing sites in Victoria are up for sale
- Offers for sale for the sites should be made by 24 March
About an hour’s drive south-east of Melbourne is a manufacturing site that currently houses the largest pie-maker in the world, Patties Foods. About two hundred and twenty kilometres east is their other site, in Bairnsdale.
The assets are located at 28-46 Bald Hill Road, Pakenham and 169 Princes Highway, Bairnsdale, respectively. Both are being offered for sale by JLL, and are described as an “exceptional investment opportunity.”
Patties produces some of Australia’s most iconic household brands, including Four ‘n Twenty pies, Patties, Herbert Adams, Boscastle and Nanna’s.
Celebrating its fifty-fifth year this year, Patties employs over a thousand staff across Australia and New Zealand.
The company was founded in 1966 as ‘Patties Bakeries’ by the Rijs family, who had emigrated from The Netherlands ten years earlier.
Originally a cake shop, it was named after the owner’s wife Patty Neat. In 1985, the company located to Bairnsdale, where it is to this day. They listed the company on the ASX in 2006, and a year later Richard Rijs retired. Their current CEO Steven Chaur took over in 2014, and in 2016 the company was acquired by a private equity firm.
Patties Foods budget income is $480M for the financial year 2021, and site income offers $3.2M on 100% occupancy. Patties Foods holds a long-term lease over the property, with fixed rental growth of 3% per year.
Offers for sale for the sites should be made by 24 March to JLL agents Tony Iuliano or Adrian Rowse.