The property was sold at auction through Ray White Rural’s Jez McNamara, who declined to comment on the buyer.
Sentinel Property Group has sold a warehouse leased to a subsidiary of BlueScope Steel in the Australia TradeCoast precinct on Brisbane’s northside.
Located on a 47,880sq m site at 920-928 Nudgee Road, Banyo, the steel processing and distribution facility was leased long-term to BlueScope until 2026.
The sale was negotiated by CBRE’s Ed Bull and represented a yield of around 6.70 percent. Sentinel acquired the Banyo site in April 2011 for $23 million.
Sentinel managing director Warren Ebert noted that the group had both bought and sold industrial property in the prime TradeCoast precinct, recently purchasing a waterfront bulk storage facility at nearby Pinkenba for $48.5 million in a leaseback arrangement with global diversified industrial chemical company Incitec Pivot.
“Our decision to sell this high performing asset is consistent with Sentinel’s strategy of buying at an opportune time and then selling based on our view of the market,” Ebert said.
The average prime yields in Brisbane’s industrial market now sit between 6.75 percent and 7.25 percent, reflecting limited on-market opportunities for quality stock.
The property comprises approximately 17,000sq m of warehouse and office space. The property is 10 kilometres from the Brisbane CBD, adjacent to the Brisbane Airport, and has direct access to the Gateway Arterial Motorway.
The facility offers an opportunity for further expansion with only 36 percent site coverage.
Brisbane-based Sentinel Property Group has a total national portfolio of more than 40 retail, industrial, office, land, tourism infrastructure and agribusiness assets across Australia, worth over $1 billion.
Originally Published: www.theurbandeveloper.com
Richards family wastes no time with $10m rural property buy
Sunnyside, in the Brisbane Valley, comprises 2340 hectares and 27 dams. Supplied
Queensland-based Rich List family the Richards have snapped up a prime grazing property in the Brisbane Valley for about $10 million.
The dynastic Richards family, estimated to be worth $500 million, is behind the major waste management business JJ Richards & Sons.
The property, on Gatton Esk Road, is one of the Brisbane Valley’s largest cattle properties, just 60 kilometres from Brisbane’s CBD.
Comprising 2340 hectares, the property has 27 dams and is on the south-eastern side of the Brisbane Valley town of Esk.
Land titles records show the property has now settled, with the Richards family buying the property for $10 million, adding another to the family’s collection of rural holdings, which include a 600-hectare holding near Stanthorpe.
The property also has 800 hectares of cultivation traditionally used to grow watermelons and pumpkins, making it ideal for further development for fodder crops or improved pasture.
And neighbours need not be concerned about the confluence of the family’s day job. The property will not be used for any waste management initiatives and solely as an agricultural enterprise.
Dexus Snaps Up Brisbane Audi Centre for $91.2m
Dexus has paid $91.2 million for the property located at 570-586 Wickham Street, realising an initial 6 per cent yield.
The property comprises two adjoining, purpose-built automotive dealerships known as Lighthouse, constructed in 2011, and the Euro Marque building, built in 2006.
The 7,123sq m site has been home to high-end brands such as Audi, Lamborghini, Maserati and Bentley.
Currently, the property features 13,288sq m of office and showroom space across two levels and a hardstand and external area of 2,556 square metres.
CBRE’s Mike Walsh, Peter Court and Tom O’Driscoll, in conjunction with Glen Wright and Nick Spiro of Cushman & Wakefield, were appointed to market the 570-586 Wickham Street property.
Walsh described the deal as a “landmark transaction” for Brisbane’s fringe market.
Nine offers were reported from local and offshore property companies eager to maximise the site’s underlying value.
The site has attracted strong interest due to its future development potential of up to 20-storeys.
An important part of the deal was the lease recommitment last year by the ASX-listed Autosports Group to the end of 2026 plus two five-year options.
Dexus, Australia’s largest landlord, will now collect a net passing income of $5.472 million a year.
Clarence Property Buys Brisbane Shopping Centre for $31.25m
The 2.85-hectare retail complex is home to national retailers including OfficeWorks, Rebel Sport and Good Price Pharmacy.
Located on the corner of Compton and Kingston roads, the centre benefits from a high-profile position in a high growth catchment between Brisbane and the Gold Coast.
This is the sixth acquisition for WPT, with other commercial and retail assets purchased in Hamilton, Spring Hill and Northgate totalling $34.74 million since October 2017.
Clarence Property managing director Peter Fahey marked Underwood as a good fit for WPT, which has more than $250 million in assets between Yamba and the Sunshine Coast.
“Our target asset allocation for WPT is about 30 to 45 per cent retail, with a focus on high yield neighbourhood shopping centres in growth regions,” he said.
Clarence Property’s flagship unlisted Westlawn Property Trust is also offloading a retail centre in Robina with a price tag of $30 million.
Located on a 20,407sq m in Robina, the centre is currently 94 per cent occupied and delivered an 18.6 per cent return to investors in 2017.
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