A WELL-packaged industrial asset at Geebung on Brisbane’s northside has changed hands for $1.72 million after a local private investor swooped.


The fully leased 1551sq m office/ warehouse at 134 Delta St is the latest addition to the buyer’s portfolio of industrial properties in the Geebung/Virginia area.


Raine & Horne Commercial’s Lawrence Temple, who negotiated the deal with colleague Trent Bruce, said the new owner had been investing in the precinct for more than 30 years.


“The purchaser already owns multiple industrial assets within the immediate area,” he said. “It’s an area that has always been good to them.”


Mr Temple said more than 50 inquiries were fielded during the expressions of interest campaign and 13 formal offers put on the negotiating table.


“We saw a lot of interstate, and even international, interest during the campaign,” he said. “However, the top group of offers came from local, seasoned investors.”


The property is occupied by packaging specialist Cardboard Products & Services, which is 18 months into a fiveyear lease and also holds a fiveyear option.


It returns a rental income of $120,000 a year plus GST and outgoings, reflecting a yield of 6.97 per cent.


Mr Bruce said demand for sub-$3 million quality freehold investment assets was still at an all-time high.


“We are seeing multiple offers and strong competition for every quality asset we sell in this price bracket,” he said.


The Delta St asset sits on a 2000sq m site and features good truck access, a threephase power supply, a prominent main-road position, and 16 off-street parking spaces.