- The site which was last sold for $9.7 million in 2017 has now set the years record for industrial property
- The Corbould Park property sale is the second industrial transaction to exceed $20 million on the Sunshine Coast this year
- The listing generated over 100 enquiries
Trilogy Funds’ industrial trust has acquired an industrial corner site in a $20.6 million deal which broke the record for the biggest industrial transaction on the Sunshine Coast this year.
The Corbould Park property is the second industrial property to change hands for more than $20 million on the Sunshine Coast this year.
The sale was negotiated through an expressions-of-interest campaign conducted by Colliers’ representatives Nick Dowling, Nick Evans, David Brisk and Daniel Coburn.
“This is the second industrial property to sell above $20 million on the Sunshine Coast this year and the highest price achieved so far in 2022, reflecting both the region’s industrial growth and the acceptance of the Sunshine Coast as an investment target for major trusts and institutions,” said Mr Dowling.
“Industrial property is the most sought-after asset class in the region and the prices being achieved reflect the minimal number of investments of this scale currently available.”
Nick Dowling, Colliers
After generating over 100 enquiries the listing received six short-listed formal offers.
6 Ron Parkinson Crescent was last transacted in 2017 when it was purchased for $9.7 million by the previous owner, a private interstate investor according to Domain. Before that, it changed hands in 2013 with a $2.9 million deal.
Leased to civil construction materials supply group Civilmart, the site has a WALE of 10 years. When the lease expires in 2032, there is an option to extend it to 2052.
“The quality of the tenant, the long-term lease and the prime location within the Corbould Park industrial precinct ticked the boxes for potential buyers,” said Colliers’ Mr Evans.
“The property’s tenant supplies a range of concrete civil products and is a business that will continue to benefit from the significant infrastructure and construction spend expected in the lead-up to the Brisbane Olympic Games in 2032.”
The property stretches approximately 2.612ha, with an industrial building of 4,900sqm and offers three street frontages. The facilities are complete with four 10-tonne gantry cranes.
Trilogy’s Head of Lending and Property Development Clinton Arentz highlighted that the property itself, as well as the driving factors on the Sunshine Coast, were attractive.
“The underlying fundamentals of the property really stood out to us, and similarly we were impressed by some of the key drives of the region.”
Clinton Arentz, Trilogy’s Head of Lending and Property Development
“The Sunshine Coast benefits from a broad range of employment sectors and multiple infrastructure and investment projects that will continue to boost the area’s strong population and economic growth,” he said.
The sale of 6 Ron Parkinson Crescent settled in June.
