Deluca sells piece of Berrinba Central
Deluca Corporation has sold a two year old office and essential services asset, part of Berrinba Central, in Brisbane’s Logan growth corridor, to an interstate investor.
The $13.8 million result for 5-7 Peter Way, Berrinba, reflects a 6.47 per cent net passing yield.
The state government, Uniting Church, for a Lifeline, and a Snappers swim school occupy part of the 2260 square metre two level complex.
There is also an 86-place Oxanda Education childcare centre.
The deal comes a week since we reported Chris Lock’s IP Generation, nowadays owned by MA Financial, sold a slice of a Newcastle shopping centre, lease to McDonald’s, to a Melbourne investor.
Car parks on title
On 3157 sqm, 5-7 Peter Wy contains 40 car parks abutting 100 shared shopping centre spaces.
The weighted average lease expiry by income is 7.92 years.
The lease agreements contain fixed annual rent rises between 2.5-3.5pc.
The incoming owner will also be able to claim depreciation benefits for tax, Burgess Rawson for CBRE’s Yosh Mendis, who brokered the deal with Josh Scapolan, said.
Berrinba Central also includes a McDonald’s, KFC, Starbucks, Bridgestone and United Petroleum.
A Woolworths shopping centre and the 650,000 sqm Crestmead Logistics Estate are also in the immediate area.
“This is a characteristics example of what investors are chasing – a brand new, high quality essential services asset with national tenant covenants in one of Queensland’s fastest growing corridors,” he added.
“These assets continue to attract capital from southern states where we are seeing an increased number of cross border transactions across our wider national investment business,” according to the executive.
Berrinba, in Queensland’s second fastest growing local government area, Logan, is about 22 kilometres south of the CBD.
Surfers Paradise is about 60 km away.
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