GM Property picks up Tingalpa warehouse
Two Tingalpa industrial investments are selling.
In the biggest deal, Perth’s GM Property Group is paying $14.15 million for 435 Wondall Road.
The 2.77 hectare site, also accessed from Millennium Place, contains three buildings with a total 9157 square metres of area.
The Weighted Average Lease Expiry is 4.5 years.
Cushman & Wakefield’s David Gibson and Jonathan O’Brien represented DCP.
The acquisition comes two months since GM spent $10.4m on a south west Brisbane warehouse.
In 2018 it sold a 5.5ha Sydney business park for $44.8m which cost $19.2m five years earlier (story continues below).
Investor buys 36 Proprietary St
In a second Tingalpa deal, a private investor is paying $7m for 36 Proprietary Street.
Polystyrene packaging group Polyfoam is committed until 2025.
The occupier relocated to a larger facility at Darra last year and was seeking to sub-let – but instead moved back “with demand within their business rapidly increasing” during COVID, according to agent Shaw Harris.
The purchaser may refurbish the 3571 sqm Tingalpa complex in the medium term, he added.
“Savills provided a solution for the tenant to come back into the property at a slight discount to the previous rent which achieved an initial passing yield of 8.17 per cent,” the executive said.
