Government sells sprawling Gold Coast asset with a leaseback
EXCLUSIVE
The Albanese government has sold another asset from a $400 million-plus portfolio offered in March with a leaseback.
Developer Boldstone is buying the Australia Post-backed distribution centre at 26-30 Crombie Avenue and 114 Bundall Road, Bundall, on the Gold Coast.
Applying a 5.5 per cent yield, the value would circle $29.6m.
A statement by Brisbane-based residential-focused company, led by Durack Civil’s James and Bianca Durack, described the asset as under-valued with enormous potential.
“We’re excited to get to work and create something genuinely special for the area,” it added.
The deal comes 10 days since realestatesource.com.au reported Boldstone outlaid another eight-figure sum for a 6072 sqm Bundall amalgamation – 4-6 Strathaird Rd and 85-87 Ashmore Rd – with plans for a commercial project.
Another Australia Post asset sold
The Bundall sale comes two days since realestatesource.com.au reported another Australia Post-backed asset in the portfolio, in Brisbane’s Darra, sold.
That buyer was Charter Hall for $70.15m – a 5.75 per cent net passing yield.
In June Pittwater Industrial paid $48.4m for a Northgate property, also in the Queensland capital (continues below).
That asset traded on a 5.3pc return.
Bundall distribution centre
The Gold Coast asset was offered with a five-year leaseback, with starting annual rent of $1.63m.
It is speculated Boldstone will instead get vacant possession earlier.
Covering 1.77 hectares including a 3908 square metre car park offered separately, it contains a 4332 sqm office/warehouse.
The site is exposed 140 metres to Crombie Avenue.
CBRE’s Chris O’Brien, Matthew Frazer-Ryan, Peter Turnbull and David Corke were the agents.
HWLE Lawyers acted for Boldstone.
Bundall is about three kilometres south-west of Surfers Paradise.
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