ESR divests Eagle Farm warehouse
ESR, which was privatised last week, has shed a relatively small asset.
Andrew Northcott’s privately owned investment group, Wattlestone, secured the Eagle Farm factory, occupied by Victaulic Australia, at 112 Harvey Street.
The $10.9 million price reflects a 4.75 per cent net passing yield.
The agents said the rent is some 38 per cent below the market rate.
Victaulic’s next market review is in 2028 when it will decide whether to take a five year option; the 6091 square metre site contains a 3180 sqm building with a warehouse accessed via four crossovers.
Modus Property’s Nick Bandiera, Jack Pershouse and David Gibson were the agents.
The deal comes a fortnight since we reported ESR sold a nearby asset – 175 Eagle Farm Road, Pinkenba – for a major profit on its 2018 outlay.
In April meanwhile, the group banked $250m selling the 18.2 hectare Wacol Logistics Hub to JD.com, also known as Jingdong Property Group.
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