Brisbane investor buys land-rich Toowoomba asset
Crop nutrition and protection company Tanuki has sold its Toowoomba headquarters with a part-leaseback.
The 4.04 hectare holding, 27 Heinemann Road, Wellcamp, traded to Brisbane-based Direct Commercial Property for $10.05 million – a 7.7 per cent net passing yield.
Buildings cover a low 6.16 per cent of the site; all up there is 2487 square metres including a swank office.
About 2.6ha of the site is configured as hardstand.
Qube Logistics is the other occupier.
Both leases include annual CPI-linked rental increases. The tenants also pays all outgoings.
Cushman & Wakefield’s Daniel Cullinane was the agent.
DCP invests again in Queensland
The Heinemann Rd asset also contains 60 car parks (continues below).
The weighted average lease expiry by income and area is 3.45 years.
Wellcamp is about 17 kilometres west of Toowoomba’s CBD.
DCP founder and managing director Ed Bull said the property had scale and a tenant profile.
“We have strong conviction in Toowoomba and the Wellcamp precinct,” he added.
The deal comes a month since realestatesource.com.au reported the company acquired 200 Creek Street, Spring Hill, from Melbourne-based Forza Capital for more than $55m.
Tanuki paid $5.35m for 27 Heinemann Rd in 2017.
It retains other real estate including a modern office/warehouse on 6611 sqm on the Sunshine Coast, acquired last year.
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