Banyo site leased to state government fetches $11.5m from investor
A modern office warehouse in Brisbane’s north occupied by Ergon Energy since 2008 has sold for $11.5 million during a marketing campaign negotiated while social distancing measures are in place.
The government has just renewed a lease for three years at 25 Buchanan Road, Banyo.
Based on the current net annual rental return ($736, 174), it is trading on a 6.4 per cent yield.
The two storey, 5156 square metre complex with a high-bay warehouse and six overhead gantry cranes occupies a 1.4 hectare site with 54 car parks near Brisbane Airport.
Eagle Farm’s 8000 hectare Australia TradeCoast precinct – marketed as having links to air, sea, road and rail – is also in the vicinity.
Banyo is about 13 kilometres from the CBD.
CBRE’s Dan Munnich and Edward Bull with Cushman & Wakefield’s Michael Callow and Bevan Galloway managed the 25 Buchanan Road expressions of interest campaign.
Mr Bull said “the strong sale result was attributed to the high quality of the building improvements along with the…tenant covenant”.
