Asset managers trade near new Brisbane industrial investment
Fife Capital and QIC have sold a two year old industrial investment in Brisbane’s north Geebung.
The 3.5 hectare asset, 405 Newman Road, found favour with Gateway Capital, for $72.5 million.
It will be the first Queensland property for the Gateway Capital Industrial and Logistics Partnership, managed for an Asian sovereign wealth fund.
The others are in Sydney, at Thornleigh and Eastern Creek, and Melbourne’s Sunshine.
Following settlement the trust’s portfolio will be worth c$259m.
Cushman & Wakefield’s Gary Hyland, Tony Iuliano and Myles Fredericksen were the agents.
Fife, QIC sell out
Fife and QIC bought the Newman Rd site in 2022 and developed the complex in a 50:50 partnership.
With 22,348 square metres, there are 12 fully sprinklered units, between 1485-2785 sqm.
The warehouses have a minimum 11 metre clearance.
Ninety one per cent is occupied by area, to nine businesses.
The weighted average lease expiry by income is 4.3 years.
GILP’s $800m mandate
GILP has a mandate to hold a c$800m portfolio.
“With an average tenancy size of approximately 2400 sqm, the estate offers a diversified tenant mix and strong potential for rental uplift in the medium term – driven by sustained occupier demand in the region,“ Gateway chief investment officer and co-founder, Peter McDonald, said.
“This asset is less than two years old and is exactly the type of asset that Gateway Capital will continue to either acquire or develop,” he added.
Geebung is about 10 kilometres from town.
Australia Post, Boeing Australia, Knauf and Linfox also operate from major warehouses in the area.
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