This article is from the Australian Property Journal archive
THE Lend Lease managed Australian Prime Property Fund Industrial has exchanged contracts to buy an industrial property in Richlands, Quensland for $18.25 mllion.
APPF Industrial is buying the property at 782-794 Boundary Road approximately 16 kilometres south west of the Brisbane CBD, from a private vendor.
The property has a site area of 20,800 sqm on which a distribution facility comprising two warehouses with combined NLA of 12,700 sqm will be constructed.
The acquisition is forecast to provide an initial yield of 7.7% and will be initially funded from debt.
APPF Industrial’s portfolio manager Jonathan Harrison said the investment property market throughout Brisbane’s south western industrial precinct has strengthened considerably over the last three years.
“The acquisition positively impacts fund attributes, increasing asset diversity and increasing the portfolio’s weighting to the Brisbane industrial market.
“On completion, the fund will have a total value of approximately $620 million, across 28 assets,” he concluded.
Australian Property Journal
