A private Melbourne-based investor has purchased a $5.31 million piece of the New Base industrial estate in Brisbane’s north.
The buyer has secured 1-5 Kingsbury Street, Brendale, a 5,605sqm site with a 2,775sqm building GFA.
Currently 60% occupied through tenant Prochem Pipeline Products, it represents an initial net yield of 3.81%.
CBRE’s Dillon Murphy and Hugh Adnam and JLL’s Nick Bandiera were involved in the sale of the Carlow Properties-developed site.
The buyer emerged through the CBRE network, attracted to the quality of the building, upside of the remaining space being leased and value compared to Melbourne and Sydney.
“We continue to see southern investors beating our local buyers on investments in Brisbane,” Mr Murphy said.
“Interstate investors see value in assets local owners do not, a trend we see continuing into the future.
“Brendale continues to grow and with the urban sprawl has become a central location for North Brisbane, and a destination for industrial users.”
The facility was built speculatively, with Prochem Pipeline Products then striking a deal to relocate from Virginia.
“The developer built a high-quality product with flexibility,” Mr Bandiera added.
“The tenant was attracted to the site due to the large hardstand areas, lockable yard and functionality of the space.”
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