West Australian investment group Primewest has swooped on a Crestmead industrial property, securing the 50,000 sqm parcel for $16 million in a transaction showing a 7.5 per cent yield.
The property at 41 Platinum Street comprises a total building area of 11,214sqm – consisting of a 10,744sqm warehouse and 272sqm office – as well as a 25,231sqm hardstand, 1977sqm of awnings and 151 onsite car bays.
The property was sold with a five-year lease to modular homes specialist Fleetwood Corporation, generating an annual rental of $1.2 million net.
CBRE’s Edward Bull and Jack Pershouse in conjunction with Colliers International's Adam Wills negotiated the sale on behalf of a private family.
Mr Bull said the property’s position in one of Brisbane’s revered industrial hubs attracted strong buyer interest.
“The opportunity to acquire a significant footprint in a proven industrial precinct – with the added benefit of a secure lease – attracted strong investor interest during the sales process,” Mr Bull said.
Colliers’s Adam Wills said the sale marked Primewest’s second industrial acquisition in Brisbane.
Opportunities around low site cover assets in traditional industrial hubs are becoming increasing scarce, typically offering reliable income streams, are readily leasable and will see good capital growth,” Mr Wills said.
The property, located approximately 24 kilometres south of the Brisbane CBD, benefits from a close proximity to major arterial links, including the Logan, Pacific and Mt Lindsay motorways.