ESR offloading another business park
Hong Kong listed JD.com Inc is buying an 18 month old fully let business park in Brisbane’s south west.
The 18.2 hectare Wacol Logistics Hub at 3746 Ipswich Road, with 99,291 square metres in six units, is costing $240 million, according to a statement it put out.
The result reflects a 5.2 per cent net passing yield.
Considered under-rented (at $125 per sqm), the return rises to 6.2pc based on market rates ($150 per sqm), CBRE’s Jason Edge, who brokered the deal with Chris O’Brien, said during the campaign.
The weighed average lease expiry by income is just over six years, he added.
The transaction is yet to settle (story continues below).
The seller, ESR, via LOGOS, which it bought out last year, outlaid $60m in 2021 for the block which made way for the estate.
The deal comes a week since the same vendor offloaded Perth’s Canning Vale Industrial Estate – for $38.6m.
That buyer was Centuria – the fourth and final asset for an opportunity fund launched in 2023.
Wacol is about 18 kilometres from town.
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