Benstead Holdaway buys Banyo warehouse
Brisbane based Benstead Holdaway Private Capital has snapped up an Australia TradeCoast investment off-market.
The 8140 square metre Industrial 1 zoned property, 40 Armada Place, Banyo, cost $11.5 million.
A revamp of the 4650 sqm improvement is planned.
“We have exciting plans to breathe new life into the asset, producing excellent risk-adjusted returns and growth potential for our investors,” a spokesperson for the asset manager said.
“This acquisition marks our second for the year in line with our strategy of acquiring well-positioned infill properties driven by the fundamentals of limited supply, increasing demand and occupier connectivity,” they added.
CBRE’s Braiden Farrer brokered the off-market deal.
The land previously traded for $520,000 in 1994. It is the first time the asset has sold since construction.
Banyo is 14 kilometres east of Brisbane’s CBD.
Subscribe to our newsletter at the bottom of this page.
