This article is from the Australian Property Journal archive
DEVELOPER Graystone has offloaded a brand new commercial asset in its Brisbane Technology Park (BTP) to a local private investor for $23 million on an initial 6.49% yield.
Located 15 minutes out from the Brisbane CBD, the brand new facility at 5 Miles Platting Road comprises 2,973sqm of NLA on a circa 2,503sqm site, with 100 dedicated car spaces.
Mike Walsh and Peter Court from Cushman & Wakefield exclusively negotiated the deal, in their third suburban office park transaction this year.
“This buyer, in particular, is a returning client, having acquired another property from us earlier in the year,” said Walsh, director and joint head of middle markets, QLD at Cushman & Wakefield.
“It underscores the thematic that private investors are looking to capitalize on a thinner buyer market with the majority of listed groups focused on rebalancing their portfolios with divestments.”
Exceeding $55 million in transactions, these deals include the sales of 35 Miles Platting Road, BTP for $13.55 million and 381 Macarthur Avenue, BTP Northshore Hamilton for $18.5 million.
“These deals reaffirm the outperformance of these parks, attributed to the cost-effective value proposition they offer, compared to immediate inner-city options. Additionally, the above-average car parking ratios and strategic access to major transport nodes further contribute to their appeal,” added Walsh.
“Clearly there has been a material shift in pricing over the course of this year, however the yield achieved on this deal highlights the fact that capital remains drawn to assets underpinned by blue chip covenants and long tenure when you consider where the current 10 year bond rate sits and the relevant risk premium investors would typically apply to direct real estate”.
The sale also includes a secure new 10-year whole-of-building net lease to Anglicare, which provides community services to Southern Queensland.
