Clarence spends $8.8m on another Murarrie industrial investment

Lendlease was branded Lend Lease when it occupied the building more than four years ago.

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.

A Google Street View image of 185 Queensport Road North.

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.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco