Clarence cashes out of Brisbane industrial pair for $38.4m
Clarence Property has sold two Brisbane industrial investments for a combined $38.4 million – but both on low yields of 5.12 per cent.
The first asset, 18 Macgregor Place, Richlands, has traded for $22.5m.
The buyer is PI Macgregor Pty Ltd, registered at the address.
The 7669 square metre office/warehouse is leased to automotive parts distributor MaxiPARTS and logistics operator TVS Supply Chain Solutions.
The site spans 1.38 hectares, 15 kilometres south-west of the CBD.
It was held in Clarence Property Diversified Fund.
Knight Frank’s Mark Clifford and Elliot Ryan were the agents.
Northgate asset
The second disposal, 48 Bell-Are Avenue, Northgate, collected $15.9m.
The 4651 sqm logistics facility is leased to veterinary supplies distributor Provet, a subsidiary of US-listed Henry Schein (continues below).
CG Property Group’s Michael Callow, who brokered the Northgate transaction, said the Sydney-based buyer was attracted by the rental and capital growth potential over the next three to five years as the lease approaches expiry.
He added the suburb and neighbouring Banyo recently recorded several transactions in the $20-$25m range.
Capital recycling
Clarence paid $8.475m for the Northgate property in 2017.
The Richlands investment was acquired in 2021 – the land set it back $5.5m.
The completed development was valued at $17.3m.
Clarence chief executive Simon Kennedy said the disposals formed part of the group’s portfolio management strategy.
The fund manager holds assets worth c$950m across office, retail, industrial, aged care and residential property in south-east Queensland and northern NSW.
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