Deal With New Direction 25-05-18

PHIL BARTSCH

 

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.

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