Australia Post sells distribution centre with a leaseback
Australia Post has sold the first asset from a $400 million-plus logistics portfolio listed in April.
Pittwater Industrial has secured the Northgate distribution centre at 129 Old Toombul Road.
It is the Sydney based group’s second Brisbane asset.
Based on the passing annual net rent ($2.53m), the result would circle $42.2 million on a six per cent yield or $36.2m at seven per cent.
CBRE was the marketing agency.
Australia Post cashes out of Northgate
Australia Post will tip sale proceeds into automated parcel facilities able to handle the rise of package delivery and fall in letter volume.
Among its major projects is the $500m Adelaide Parcel Super Hub, nearing completion, while parcel facilities are also planned for regional South Australia, the Sunshine Coast and New South Wales.
Earlier this year it opened a landmark 78,000 sqm Brisbane facility – the state’s largest air and speed parcel hub.
The government arm paid $910,000 for 129 Old Toombul Rd in 1985 (continues below).
Northgate is 12 kilometres north-east of Brisbane’s CBD.
129 Old Toombul Road
Australia Post offered 129 Toombul Rd with a seven year leaseback.
The site spans 2.65 hectares.
The improvement contains 10,535 square metres of offices and warehousing.
Australia Post is also selling logistics facilities at Darra and Bundall, while the broader offering contains three Adelaide properties at Wingfield and Mile End South and the Sydney Gateway Facility at Granville.
The South Australian properties were offered with three year leasebacks.
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