Clarence Property Corporation has paid $8.8 million for an office/warehouse in Brisbane’s Murarrie – the suburb it acquired its first industrial asset four years ago.
At 185 Queensport Road North, in the Australia Trade Coast precinct, the 4431 square metre building on a hectare collects 85 per cent of its income from British medical services giant Smith & Nephew.
It contains a double storey c1560 sqm A-grade office.
The propery’s Weighted Average Lease Expiry was 2.8 years.
The sale price reflects a 6.8 per cent yield.
It last exchanged for $6.25m in 2017.
Lendlease and electrical services contractor i Power separately, previously, occupied it (story continues below).
Cushman & Wakefield’s David Gibson found Clarence following an expressions of interest campaign.
In 2016, the diversified fund manager paid $10.3m for its maiden Australian industrial property – at 45 Alexandra Place – on the adjacent side of the Gateway Motorway to 185 Queensport Rd N.
That nine-year old multi-unit complex is now held by the Westlawn Property Trust, which targets retail and offices in high-growth regions along northern New South Wales and south east Queensland.
Murarrie is a riverside suburb about eight kilometres north east of Brisbane’s CBD.
Clarence is Ballina based.