A month after paying $32.25 million for a logistics investment in Brendale’s South Pine Road – Charter Hall has snapped up another in the street.
The latest asset, #23-25, is costing $19.7m from a Victorian syndicate.
Spreading 4.844 hectares, about 84 per cent of the of the space is occupied by shipping group Wallenius Wilhelmsen.
The balance has been for lease.
JLL’s Nick Bandiera, Sam Byrne and Tim Jones marketed the Central zoned land for its potential to make way for residential – abutting housing estates to two sides, the holding is also opposite the Strathpine train station which recently underwent a $15m refurbishment.
Office and retail were also promoted as longer term development outcomes, as was a repositioning to a business park.
Earlier today we reported ESR spent $38.2m for a prefabrication plant on 7.5ha at Wacol – south of Brisbane.
Like 23-25 South Pine Rd, that asset has significant industrial redevelopment upside (story continues below).
Charter Hall expands on South Pine Rd
The acquisition of 23-25 South Pine Rd comes a month after Charter Hall, for its Long WALE REIT, picked up #45, which sits on 2.69ha.
Leased to Modern Star, that deal was struck at a 5.5pc return.
In July Red Hill Partners outlaid $9.5m – a 6.35pc yield – for a warehouse investment in the suburb, 25 Strathwyn St.
Last year, Investec Australia Property Fund spent $15.614m on a funds-through basis for a 2.1ha, 9300 sqm distribution centre pre-committed to 4WD Supercentre. After transaction costs, this deal reflected a 6.13pc return.
Brendale is about 20 kilometres north of Brisbane.
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