This article is from the Australian Property Journal archive
THE Trilogy Industrial Property Trust has set a new 2022 transaction record for the industrial sector on the Sunshine Coast, snapping up a large scale Corbould Park property for $20.6 million.
Located at 6 Ron Parkinson Crescent, around 8km west of Caloundra, the low cover site spans around 2.6-hectares and is occupied by a 4,900sqm industrial building with four 10-tonne gantry cranes, leased to civil construction materials supply group Civilmart.
Nick Dowling, Nick Evans, David Brisk and Daniel Coburn from Colliers managed the sale of the property via an expressions of interest campaign, on behalf of the vendor, a private interstate investor.
“This is the second industrial property to sell above $20 million on the Sunshine Coast this year and the highest price achieved so far in 2022, reflecting both the region’s industrial growth and the acceptance of the Sunshine Coast as an investment target for major trusts and institutions,” said Dowling.
The campaign brought in over 113 enquiries from both private and institutional investors country-wide, before coming down to six short-listed formal offers.
“Industrial property is the most sought-after asset class in the region and the prices being achieved reflect the minimal number of investments of this scale currently available,” added Dowling.
Civilmart’s long-term 10-year lease at the property is set to expire in 2032, with lease options through to 2052.
“The quality of the tenant, the long-term lease and the prime location within the Corbould Park industrial precinct ticked the boxes for potential buyers,” said Evans.
The property boasts three-street frontages, sits within a high impact industrial zone, enabling the tenant 24/7 use and is placed with easy access to the Bruce Highway.
“We are witnessing critically low levels of supply across the region, and this has led to some property values increasing up to 120 per cent since 2020. Vacancies are also at critically low levels, with tenants looking for space of more than 1,000sqm to wait up to six months to secure premises,” said Brisk.
