- Brisbane acquisitions are for industrial development properties
- The move trebles GARDA's industrial development pipeline
- Total built form GFA expected to be 128 hectares
GARDA Diversified Property Fund (ASX: GDF) started the last quarter strongly. In mid-April, the company made $30 million in divestments with premiums on properties between 5% and 26%.
Following a quiet start to 2021, the company is continuing to make a strong recovery. The pandemic brought on a large security price drop, from a high of $1.50 in mid-2019 to 86 cents in April 2020. The company has since made strong gains back up to $1.25 by the end of 2020. Following the aforementioned seasonal drop at the start of this year, the company continues to see security prices rise again.
GARDA announced today that it “has executed unconditional contracts to acquire three industrial development properties in Brisbane”.
The properties are located on 372-405 Progress Road, Wacol; 56-72 Bandara Street, Richlands, and 109-135 Boundary Road, North Lakes.
Progress Road is a 41,250 square metre area that was acquired for $7.2 million, Bandara Street is 30,351 square metres for $6.8 million, and Boundary Road is 32,380 square metres for $16 million.
Once developed, the properties are expected to deliver a collective built form gross floor area (GFA) of approximately 128 hectares. The company said it will treble the existing industrial development pipeline of 44,309 square metres.
GARDA Industrial Development Pipeline
The Wacol and North Lakes properties are expected to settle over the next two months, Richlands in September.