Starcourt Investments Pty Ltd has purchased a fully leased Narangba waste management facility for $2.8 million.
The 1 Silicon Street property comprises a 1,100sqm facility occupied by ASX-listed Cleanaway Solid Waste on 10 year term (plus two five-year options). The property, which is underpinned by a 5,983sqm landholding currently offers a nine-year WALE.
The sale, transacted by Trident’s Sam Higgins and CBRE’s Hugh Adnam and Dillon Murphy, was sold on a yield of 6% on behalf of a private selling entity.
CBRE’s Hugh Adnam said the property’s location helped strengthen its investment appeal.
“Located within Narangba’s ‘general industry’ precinct – approximately 30km north of the Brisbane CBD – the property benefits from exposure to high growth suburbs, including North Lakes, Petrie, Kallangur and Murrumba Downs,” Mr Adnam said.
“This estate is one of a few in the north of Brisbane that has a Heavy Use zoning, enabling a wide range of uses which appealed to the lessee’s activities for the site. This land use capability, combined with the lessee’s waste license approval for the site, are highly appealing features for the tenant.”
He added: “Cleanaway’s long term commitment to the facility includes investing significant capital with the installation of a weighbridge.”
Co-agent Sam Higgins of Trident Industrial & Logistics Services said the 6% net yield was not surprising given the strong characteristics of the property.
“Freehold industrial assets with these characteristics and at this price point are seldom brought to the market and we were confident from the outset that a sale would be achieved,” Mr Higgins said.
The property is located on the corner of Silicon and Potassium streets and offers a substantial street frontage with crossover driveway points on both road frontages.
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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.
