This article is from the Australian Property Journal archive
PROPERTY fund manager Centennial is one of the three buyers who have made a combined $23 million worth of industrial property acquisitions in the tightly held northern Brisbane suburb of Narangba.
Investors and owner occupiers have been among the buyers as vacancy continues to fall leading to a shortage in available stock, which is also driving rents up, offsetting some of the inflationary pressures,
According to Cushman & Wakefield’s Mitch Taulelei, who negotiated the three deals with Morgan Ruig and Luis Plazibat, on behalf of private vendors, “The Narangba region is becoming increasingly popular with businesses, due to its proximity to Brisbane and the Sunshine Coast and investors are wasting no time in snapping up what little stock is available.”
Centennial paid $7.05 million for a brand-new tilt panel 2,962 sqm warehouse and corporate office at 22 Mineral Sizer Court. The 5,718 sqm land has general industry zoning and offers direct access to the Bruce Highway via Boundary Road Interchange, as well as dual cross-over access, four electric container height roller doors, a large six-metre-wide awning for all weather loading and unloading, and an internal height from 8.6 to 10 metres.
It is situated in the Boundary Industrial Zone Estate, 22 minutes north from Brisbane Airport, and which is also tenanted by Nick Scali, Australia Post, CSR Gyprock Trade, Metal Flex, Marinucci Packaging and MMD Australia.
A Sydney fund has bought a 5,493 sqm warehouse and office split into two buildings at 33 Magnesium Street for $9.7 million on a yield of 5.73%. It has a long-term lease to Premier Pet Pty Ltd to December 2030, and sits on 9,777 sqm of land zoned general industry, also offering a large six-metre-wide awning.
Meanwhile, a private owner occupier has purchased a high bay, temperate controlled, clear span 2,639 sqm warehouse at 17 Business Drive for $6.2 million. The property was purchased on a yield of 4.82%, with the new owner planning to share the building with the current tenant who is on a four-year lease.
The property sits on a 4,966 sqm general industry site and offers multiple roller door access, two levels of office, a huge three-phase power supply, easy truck access and turning, ample concrete hardstand for container set down and parking and offers access to major arterials including the Bruce Highway and Gateway Motorway.
