Deal With New Direction 25-05-18



A GEEBUNG industrial facility has been snapped up in a cross-river deal by a Brisbane private investor seeking some northside exposure.

The fully leased property along the tightly held Robinson Rd strip has changed hands in a $2.025 million deal on a yield of 6.9 per cent.

Lawrence Temple and Joe Grasso from Raine & Horne Commercial struck the deal.

Typically a southside buyer, the purchaser wanted to diversify and purchase a quality asset on the northside of Brisbane,” Mr Temple said.

The older-style industrial asset comprises a 926sq m building on a 1272sq m site close to Geebung train station with two street access and main road exposure.

It was sold with a four-year lease in place to The Liquidator Furniture Outlet, which pays rent of $139,920 a year plus GST and outgoings.

Mr Temple said there was a strong level of interest in the open listing from investors.

“Rarely do buildings on Robinson Rd come to market and when they do there’s always a premium paid for the exposure and assured future capital growth,” he said.

“For a 40-year-old industrial facility, 6.9 per cent is quite a tight yield.

“It really shows that well-located prime assets are commanding a premium even if they’re not new.

“We are seeing yields staying tight across the northside with the lack of quality assets coming to market and buyer demand increasing."

The Geebung asset comprises two industrial facilities – one fronting Robinson Rd and the other Morrisby St. The previous occupier combined the facilities as its business grew, giving it both main road exposure and rear loading.


Why Raine & Horne Commercial?

Our full-service commercial real estate network can provide in-depth knowledge of local and regional property markets, with insight and understanding that comes from being a part of a long-established national and international property group. Committed to personalised service and achieving unsurpassed results, our clients continue to benefit from our network strength, which allows substantial cross-flow of international referral, advice and investment.

The Raine & Horne Commercial network is comprised of 100% owner-managed offices and includes numerous industry leaders and award winners. We employ agents who are empowered, encouraged to share and who maintain first rate communication to deliver the best possible outcome with every transaction. We pride ourselves on staying abreast of local and national trends and developments in the property industry, resulting in consistently cutting-edge services and holistic solutions for our clients.

Our industry experts embody and respect the family-oriented values synonymous with the Raine & Horne Commercial brand, allowing us to provide a complete range of professional services for all aspects of commercial, industrial, retail sales, leasing and specialist properties.