This article is from the Australian Property Journal archive
PRIVATE investors have traded a land-rich industrial site in Brisbane’s northern suburbs for $8.751 million in an off-market deal.
Callum Stenson of Savills and JLL’s Fraser Power and Nick Bandiera sold the 1.9-hectare site at 38 Pineapple Street, which has 6,970 sqm of hardstand and a lease running for five years that brings $708,831 per annum.
The sale price reflected an 8% yield and land rate of $460 per sqm.
“We have seen three consecutive quarters of growth particularly in the inner-north where land supply was becoming very scarce,” Bandiera said.
Power said the Sydney-based purchaser identified the site as a strategic investment, with future development upside in a core industrial precinct that had long been deprived of regular shaped land parcels of this size.
Stenson said Savills’ new alliance with SA1 Property assisted with selling the property to a first-time investor in the Brisbane industrial market.
“The software enabled us to demonstrate a tightening of available land in the immediate northern Brisbane industrial region over the coming years, which highlighted the value of the opportunity,” he said.
Australian Property Journal
