The biggest Sunshine Coast property sale this year – and the second worth over $20 million since 2021 – has been made, to Trilogy Funds.
The 2.612 hectare investment at 6 Ron Parkinson Crescent, Bells Creek (pictured, top), west of Caloundra, will be held by the group’s Industrial Property Trust (TFIPT).
In a 24/7 area, near the Bruce Highway, the asset contains a 4900 square metre warehouse accessed by four 10-tonne gantry cranes
It is leased for 10 years to civil construction materials supply business Civilmart which, with options, can occupy until 2032.
“The underlying fundamentals of the property really stood out to us, and similarly we were impressed by some of the key drivers of the region,” Trilogy head of Lending and Property Development, Clinton Arentz, said.
“The Sunshine Coast benefits from a broad range of employment sectors and multiple infrastructure and investment projects that will continue to boost the area’s strong population and economic growth,” he added.
Elsewhere in the area, Trilogy last September outlaid $22.05m for a Coolum Beach industrial investment.
Also in 2021, the fund manager sold Aviator Capital an Ipswich commercial asset – including a historic post office – for $25m.
Development upside
Colliers’ Nick Dowling, Nick Evans, David Brisk and Daniel Coburn said six suitors contested for the Ron Parkinson Cr property.
“The corner position with three street frontages and the low site cover also offers the buyer future development upside,” Mr Brisk said.
“This is the second industrial property to sell over $20m on the Sunshine Coast this year and the highest achieved so far in 2022, reflecting both the region’s industrial demand growth and…acceptance of the Sunshine Coast as an investment target for major trusts and institutions,” Mr Dowling added.
“Industrial property is the most sought-after asset class in the region and the prices being achieved reflect the minimal number of investments of the scale currently available,” according to the executive.
“The quality of the tenant, the long-term lease and the prime location within the Corbuild Park industrial precinct ticked the boxes for potential buyers,” Mr Evans said.
In February, Trilogy banked $13m for an office investment in Melbourne’s west Ravenhall, developed by Pellicano in 2010.
Last year, the fund manager paid $28m for a Newcastle industrial asset on 2.98ha.
Civilmart is supplying products for the Brisbane Olympic Games in 2032.
Article source: www.realestatesource.com.au
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