This article is from the Australian Property Journal archive
DESANE Group has settled on its $9.5 million acquisition of a 2.175-hectare industrial property in Wacol from the City of Brisbane Investment Corporation.
Brisbane City Council leases the 5,039 sqm facility at 16 Industrial Ave on 10-year lease running until June 2022 with two options of five years.
“The acquisition of this asset will complement the two industrial assets owned by Desane in the Sydney suburb of Lane Cove and will form part of Desane’s restocking of its investment property portfolio, providing a combined average return of 7.6% per annum,” Desane managing director and chief executive officer, Phil Montrone said.
The City of Brisbane Investment Corporation listed an A-grade Yeerongpilly building leased to the Brisbane City Council earlier this year with hopes of $35 million. The listing followed the future fund buying another A-grade office building in Parramatta for $44.3 million.
