Australia Post sells $70m distribution centre with a leaseback
EXCLUSIVE
Australia Post has sold a second distribution centre offered in March as part of a $400 million-plus portfolio with a leaseback.
The 7.27 hectare Darra asset, 11 Clinker Street, marketed as 39 Gravel Pitt Road, is speculated to have collected $70.15 million from Charter Hall.
The result reflects a 5.75 per cent yield.
Australia Post is committed eight years from settlement; with a 22,223 square metre office/warehouse and 8000 sqm of hardstand, the property is occupied by StarTrack.
The lease agreement includes fixed reviews.
CBRE’s Chris O’Brien, Matthew Fraser-Ryan, David Corke and Peter Turnbull were the agents.
It was settled to the cash-strapped federal government in June (continues below).
This week we are also reporting Australia Post sold a Gold Coast asset from the portfolio to Boldstone – the third asset from the portfolio – while last month it divested a Brisbane asset from it – 129 Old Toombul Road, Northgate – to Pittwater Industrial.
Government sells asset to rent
Australia Post agreed to pay starting annual rent of $4.03m ex-GST to lease back the Darra property, also exposed to the Centenary Highway.
Darra is about 12 kilometres south-west of Brisbane’s CBD.
Elsewhere in the suburb, Charter Hall, for its Prime Industrial Fund, last year paid CSR $80.55m for a 17.5ha site on Harcourt Road with plans for a 100,000 sqm logistics estate estimated to be worth c350m upon completion.
That land is adjacent to the group’s ConnectWest Industrial Estate where, coincidentally, Australia Post is a tenant-client.
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