Brisbane industrial asset sells for $26.75 million

A Queensland-based private investor has purchased a 13,763sqm office/warehouse facility at 616 Boundary Road in Richlands for $26.75 million.

The facility was sold on behalf of a listed REIT, which acquired the property off-market in 2018 for $15.9 million in a three-year leaseback deal with logistics group, Border Express.

CBRE’s Matthew Frazer-Ryan and Jack Hardy managed the recent sale, which represents an improved building rate of $1,953/sqm.

Leased to Grays E Commerce Group Ltd, the facility is positioned on the corner of Boundary and Archerfield Road on an expansive 3.13ha site. It has been used as a manufacturing and transport facility.

Mr Frazer-Ryan said, “The site drew interest from multiple parties based on the landholding's strategic, infill location within the Richlands industrial market. Due to the low vacancy levels and significant take-up recorded within Brisbane’s Western Corridor over the past few years, significant growth in rents has been observed in this precinct.”

Mr Hardy added, “Over the past 12 months, the Western Corridor has recorded the strongest land value growth for both small and large lots, increasing by an average 50% (y-o-y). The tightly held nature of this market, and the significant size of the site, made the property very appealing to the purchaser.”