A private Sydney-based buyer has snapped up a new industrial facility, following the appointment of a long-term tenant to the Brendale site.
Developed by Felton Property Group, the 6,267sqm property features a 3,240sqm industrial facility including a 2,940sqm warehouse and 300sqms of office space in Brisbane’s north.
On the back of a strategic leasing campaign, Felton leased the whole 3,240sqm space to French flooring wholesaler Gerflor, before selling the property in an off-market transaction less than one week later for $6,205,000. Factoring in a $205,000 lease incentive, the final purchase price reflected a net yield of 6.32%.
Having recently purchased national flooring distributer Kenbrock Flooring, Gerflor was looking to take up a new lease that would facilitate both businesses.
The flooring giant engaged CBRE to uncover all existing industrial options in Brendale, which resulted in five different facility viewings.
Settling on the newly developed New Base Industrial Estate site, Gerflor signed a six-year lease at a rate of $125/sqm (net).
CBRE’s Dillon Murphy and Hugh Adnam negotiated both the lease and sale agreements at 2 Kingsbury Street. The private purchaser was represented by Damien Holliday from commercial property buyers agents, Prosper Group.
Mr Murphy said the Sydney-based buyer was attracted to the value of building and tenant, alike.
“This quick, off-market transaction was thanks to a solid tenant covenant and quality facility offering,” Mr Murphy noted.
Mr Adnam added: “Compared to Sydney, the buyer saw great value in the Brisbane market.”
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