Car yard turned LFR investment fetches $10.7m
Lonely Bell Capital has sold a large format retail investment which recently replaced part of a Nissan dealership in Brisbane’s east Cleveland.
Cleveland Metro, at 45-47 Shore Road West, found favour with interstate investor for $10.65 million – a 5.55 per cent net passing yield.
With 2018 square metres of space, high profile occupiers include Lifeline, myCar and The Salvation Army.
On 4617 sqm, there are also about 45 car parks.
LBC developed the property and 28 industrial units – all up some 7400 sqm – on the car yard it bought in late 2021.
Cleveland Metro
With 80 metres frontage to Shore Street West, Cleveland Metro is passed by some 193,000 vehicles pass weekly, Burgess Rawson’s Yosh Mendis, who represented LBC with Josh Scapolan and Andrew Havig, said (story continues below).
“The property’s appeal was underpinned by long-term lease security up to 10 years plus options, landlord favourable terms and strong fixed rental growth of 3.5pc per annum, ensuring long term compounding income growth” he added.
Cleveland, about 30 kilometres from Brisbane’s CBD, is part of the Redland City Council area, a where population is forecast to rise to 185,000 by 2035 (it is presently about 167,000).
Late last year we reported Warren Ebert’s Sentinel Property Group sold a 5.1 hectare industrial park in the suburb after 14 years
Centennial was that buyer, for $29.2m.
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