Queensland

Lack of supply prompts offer too good to refuse

Ellis Air Conditioning (QLD) Pty Ltd has acquired a premium office warehouse in the blue-chip area of Murarrie, following its strong off-market offer for the property.

20 Apr 2018

Ellis Air Conditioning (QLD) Pty Ltd has acquired a premium office warehouse in the blue-chip area of Murarrie, following its strong off-market offer for the property.

CBRE’s Industrial & Logistics team was appointed as the exclusive leasing agents for the facility at 54 Alexandra Place, and approached Ellis Air Conditioning about the opportunity. Within two days of receiving the leasing prospect, Ellis Air returned with a robust offer to purchase the property and an agreement was negotiated by CBRE. 

Senior Manager Ben Lyons said the off-market transaction and offer from the buyer highlights the overwhelming demand and limited supply in Brisbane’s industrial market. 

“There is a serious lack of available properties on the market and this is being met with substantial capital looking for opportunities. Buyers therefore are ready and willing to negotiate for quality assets on and off-market,” Mr Lyons said.  

“Industrial real estate, especially in the Port of Brisbane and Southern Tradecoast precinct, is proving to be attractive for many investors and owner occupiers.”

The property, which was recently refurbished, has a site area of 4,193sqm and a building area of 2,800sqm. It comprises a corporate-grade office split over two levels and a 1,650sqm high bay warehouse, complemented by over 40 onsite carparks. 

Mr Lyons added 54 Alexandra Place was sold with two short-term tenancies in place, which was appealing to Ellis Air as it provided holding income until it can occupy the facility as its new Queensland headquarters. 
 
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.