Charter Hall has paid $19.7 million for an industrial property at Brendale, in Brisbane’s northern suburbs, an area increasingly attracting institutional investor interest.
JLL director of industrial Nick Bandiera, who brokered the sale with colleagues Sam Byrne and Tim Jones, said the 5-hectare site offered passing income and development potential.
“The large scale and underutilised nature of the property appealed to Charter Hall, given its current industrial use, with the future capability of developing the site to a higher and better use given its broad zoning,” Mr Bandiera said.
“The north side has historically been predominantly privately owned. However, we are seeing a shift in that balance as tenant demand and scale continue to grow.”
“The northern Brisbane industrial market is experiencing strong inflows of institutional capital, which is set to reshape the landscape over the next few years.”
Owned by a syndicate of Victorian-based investors for decades, the site at 23-25 South Pine Road is adjacent to Strathpine Train Station, a major stop on the $1.15 billion Moreton Bay Rail Link.
“The property is primarily leased to international logistics and shipping company Wallenius Wilhelmsen Solutions, which uses the facility for the storage and assembling of agricultural and logistics equipment,” said JLL’s Sam Byrne.
Article Sourcec: www.afr.com
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