This article is from the Australian Property Journal archive
ALTIS Property Partners has paid $16.2 million for a 50,000 sqm site at Brendale in Queensland's Moreton Bay Region, and has plans to develop a home and trade retail precinct worth $50 million.
Located on 165 South Pine Rd Brendale, the purchase was underpinned by an existing 5,500 sqm high quality warehousing facility, which is fully leased to The Crest Company on a 10-year term returning $850,000 p.a.
Colliers International`s Anthony White and Brian Riches negotiated the sale and have been appointed to market the precinct for lease to multiple users.
White said this is one of the largest transactions on the Brisbane north side so far this year.
“We ran an expression of interest campaign and received very strong interest from buyers across Australia. After some brief negotiations upon the close of the campaign, Altis Property was successful.
“Altis Property intends to develop the remaining 37,000 sqm high profile corner site to cater for a range of uses in the home and trade retail sectors. With the recent road upgrades the site has become a gateway into the Brendale precinct and Altis Property expects to receive substantial interest from tenants as a result,” he added.
“We saw this as an opportunity to utilise our skills and experience in both large format retail and industrial warehousing,” Altis Property`s Shaun Hannah said.
“Given the substantial exposure that this site offers, we firmly believe it will be highly attractive to those showroom and trade style users who thrive on high volumes of passing traffic,” Hannah said.
Australian Property Journal
