Abacus Property Group has snapped up a multi-tenanted industrial and commercial investment site in Brendale for $10.8 million – reflecting a yield of 7.4%.
The 257 Leitchs Road property sold following a three week off-market expressions of interest campaign, with CBRE’s Hugh Adnam and Dillon Murphy handling negotiations.
The site has a total 9,842 sqm land area and consists of four buildings located on four separate titles. The complex has a total gross floor area of 5,743sqm over 15 tenancies. Tenants include Haymans Electrical, Monroe Suspension, Knight Frank and Venom Protein.
Mr Adnam said: “Industrial properties of this profile are rarely offered to the market, and a number of high profile investors were interested in the site due to the amalgamation of four titles and the subsequent flexibility it provides.”
“Abacus was also drawn to the site’s diverse income stream and its key location within Brendale Industrial Estate and proximity to New Base Business Park.”
Mr Murphy added: “Industrial assets are some of the strongest performing in the Queensland commercial real estate market, as reflected in the strong sale result and return rate.”
The property has an annual income circa $800,000 net plus GST and a WALE of 3.7 years.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.