Dexus doubles money on Brisbane logistics sale
Dexus has sold a north Brisbane logistics facility for almost double what was paid in 2014.
The 1.9 hectare investment, 7-9 French Avenue, Brendale, collected $34.75 million from Sydney -based Livdale Properties, believed to be linked to the Livingstone Superannuation Fund.
The result reflects a 5.5 per cent net passing yield.
The property last sold to AMP Capital’s Wholesale Australian Property Fund in 2014 for $18.65m – a 7.8pc return.
Dexus inherited it through its 2023 acquisition of AMP Capital’s domestic real estate and infrastructure equity business, with the Wholesale Australian Property Fund becoming the Dexus Wholesale Australian Property Fund.
Brendale is 22 kilometres from the CBD.
7-9 French Avenue
Completed in 2012, with 12,283 square metres, 7-9 French Ave is leased to paper, packaging and visual communications distributor Ball & Doggett.
The weighted average lease expiry as at July was 3.5 years.
Rent reviews are linked to CPI with a minimum three per cent floor.
The 11,721 sqm warehouse, with a 12 metre clearance at the apex, is serviced by 12 on-grade roller shutter doors, including five fronting French Ave, as well as recessed loading docks and two dock levellers.
An ESFR sprinkler system runs throughout the warehouse (continues below).
The gated site is accessed by three crossovers with heavy-duty hardstand areas.
The building can also be configured as two separately lettable facilities, with multiple independent ingress and egress points, according to selling agents JLL’s Ben Hegerty and Joel Scully.
Another Brendale deal
The French Ave deal comes less than two months since realestatesource.com.au reported Macquarie Asset Management-backed LogiSPACE had made its maiden Queensland acquisition – neighbouring Brendale sites, with plans for a 35,207 sqm business park.
Vendor Unison Projects assembled that holding over three years.
In May, the Scifleet family sold a 16.2ha property in the suburb incorporating a Toyota pre-delivery centre and turf farm.
In February, Aldi recommitted to its Brendale distribution facility held by Charter Hall’s Prime Industrial Fund.
Meanwhile, late last year the City of Moreton Bay sold the former Albany Links Golf Course in Brendale to the owner of the neighbouring Eatons Hill precinct.
Spanning 7.95ha, zoned Recreation and Open Space, its development upside is limited to community use and associated commercial purposes.
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