This article is from the Australian Property Journal archive
ISPT is looking to capitalise on the huge demand for industrial and logistics assets along the tightly held east coast markets, offering two adjoining sites in Brisbane’s TradeCoast precinct for sale with hopes of fetching more than $34 million.
CBRE’s Chris O’Brien, Edward Bull and Peter Turnbull are marketing the adjoining 1035-1051 Nudgee Road and 10 Buchanan Road properties in Banyo, via expressions of interest closing September 20.
Respectively leased to Tradelink and Toro Australia, the properties occupy a combined 37,868 sqm and have a gross lettable area of 18,116 sqm, with a total net income of $2.05 million.
O’Brien said the offering came at a time of limited supply in Brisbane’s logistics investment market.
“Brisbane is Australia’s tightest logistics investment market at present, with these two properties among the first core assets to be offered this year. This will generate strong, competitive interest in the properties, from local, interstate and international investors,” he said.
Bull said the 8,000-hectare Australia TradeCoast region is home to a diverse spread of industries including aviation and aerospace, building and construction, food manufacturing, retail, transport and logistics and shipping and marine.
“The region’s reputation and strong profile as a major logistics hub provides compelling leasing and investment fundamentals.”
According to Knight Frank’s most recent Brisbane Industrial Market Overview, the TradeCoast has the highest average rents of Brisbane’s industrial precincts, with prime space commanding $117 per sqm, and prime yields coming in between 6.40% to 7.15%. Land values are by far the highest across Brisbane, at $380 per sqm for sites between one and five hectares.
Australian Property Journal
