- 3,302sqm industrial facility was sold for $6 million
- Off-market sale managed by CBRE
- Commercial buyer agent added high-quality industrial sites are hard to come by in Brisbane
Amidst a shortage of high-quality warehouses in the northern Brisbane suburbs, a 3,302sqm industrial facility has been sold off-market for $6 million.
Located in Narangba, which is 34 kilometres north of Brisbane’s CBD, was sold by owner-occupier Hitec Glazing – a manufacturer of architectural window and door systems.
The sale follows a string of high profile commercial sales in Brisbane – such as Irongate who recently acquired an industrial property in Pinkenba – near the airport – for over $24 million.
Dillion Murphy and Hugh Adnam of CBRE negotiated the sale and leaseback of the facility at 14 Business Drive with Damien Holliday – a commercial buyer agent from Prosper Group – representing the purchaser.
CBRE had also sold the property to the vendor back in 2016 with vacant possession.
Annual rent of $360,000 plus GST for a five-year term was included in the sale, alongside two five-year options.
As a result of the lack of stock available in the market, Mr Murphy said Mr Holliday encountered difficulties when sourcing an appropriate investment property for his client.
“Working collaboratively, our team identified 14 Business Drive as a potential site,”
“Due to weight of capital in the investment market we were able to secure a strong sale price on a sale and leaseback structure – reflecting strong market demand for quality industrial stock.”
Dillion Murphy, CBRE
Mr Holliday added that despite strong demand from investors there was a lack of good quality industrial investments available – making the sale a good find.
“It was a great advantage for our client to purchase this off market property without having to compete on an open market campaign.”
Damian Halliday, Prosper Group