Frasers, Norhart sell down Brisbane business parks
Norhart Developments has sold down a 21-unit light industrial estate in Brisbane’s Logan growth corridor, for $24 million.
The Belvedere Business Park at Park Ridge launched off-the-plan last year and has just been completed.
Asking prices rose 35 per cent during the development period, according to Colliers’ Nick Evans, who represented Norhart with Tom Hartman and Corey Allerton.
Twelve units have since been leased generating a total of over $800,000 per annum.
Rent also increased during construction, he said.
Park Ridge is 27 kilometres south of Brisbane’s CBD.
In September, we reported Urbex, a subsidiary of Mark Power’s BMD Group, paid CFMG Capital $38m for a 15.8 hectare, 225-lot housing estate site in the suburb.
Not long earlier, a 21.2ha block earmarked to become the Park Ridge Town Centre – expected to contain commercial and residential – traded for $31m (continues below).
Frasers sells down Vantage – Yatala
Meanwhile, Frasers Property Industrial has sold the last two blocks at Stapylton’s Vantage – Yatala estate, about 15 km east of Park Ridge.
The largest, lot 303, spanning 1.94 ha with a Coastlink Court street address, traded for $11m ex-GST. Zoned Medium Impact, it is permit-ready for a 7893 sqm office/warehouse.
Lot 304 meanwhile, which will carry a Christensen Road South address, spreads 7654 sqm. It traded for $5.084m ex-GST.
FPI is set to seal the roads in the third quarter.
CBRE’s Myles Clentsmith, Matthew Frazer-Ryan and David Corke with CG Property Group’s Michael Callow and Bevan Callow were the agents.
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