Dexus offloads Brisbane industrial estate
Dexus has sold a Brisbane industrial investment held just shy of 11 years.
Corval with Japanese capital partner Kanden Realty and Development Co. Ltd (KRD) are believed to be buying the Acacia Gate Industrial Estate at 29-41 Lysaght Road, Acacia Ridge.
Based on the annual income of $2.4 million, the price would exceed $40m assuming a sub 6 per cent yield.
The weighted average lease expiry is 2.3 years.
Dexus paid $21.7m in 2015.
Acacia Ridge is 13 kilometres south of Brisbane’s CBD.
29-41 Lysaght Street
Across two titles, 29-41 Lysaght St contains 18,627 square metres in four buildings occupied by multiple businesses. The site spans 3.24 hectares.
The property was marketed for its straightforward potential to be subdivided and sold down.
Alternatively, the rent could be expected to increase c23 per cent, closer to the market rate, as leases expire (continues below).
Colliers’ David Brisk, Sean Thomson, Nick Evans and Gavin Bishop were the agents.
The asset was held in the Dexus Wholesale Australian Property Fund.
The deal comes two months since we reported Fife Capital sold a 2.47ha Acacia Ridge investment for $35m to an occupier. Fife paid $26.2m for that property in 2021.
Goodman secure lease
Also this week, healthcare equipment supplier Country Care Group has leased a 9714 sqm warehouse at 26 Industrial Crescent, Acacia Ridge, from Goodman, for an initial 10 years.
The supplier of assistive technology and home care equipment will use the facility to service east coast operations.
It will consolidate distribution functions from several locations.
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