Greystar profits from industrial on sale
Greystar has sold one of three industrial properties bought in 2022 from Brisbane construction boss Brett Walker.
The US investment house has more than doubled its outlay selling 175 Dutton Road, Pinkenba – a hardstand property – to a local investor for $20.2 million.
It paid $10m in January, 2022, settling that August.
A lease was later secured.
The property was part of a portfolio of five – Greystar’s maiden Australian industrial investments.
The group also holds a build to rent portfolio here.
175 Dutton Road
The Pinkenba block spreads 2.9 hectares.
“The buyer recognised the site’s long-term value given its proximity to the Brisbane Airport, Port of Brisbane, and the Brisbane International Cruise Terminal. These key drivers have underpinned the significant demand and capital growth in this precinct over the past two to three years,”
JLL’s Gibson Leembruggen, who brokered the off-market sale, said.
“We originally introduced the sitting tenant, to Greystar and later introduced the private buyer who has now secured the site,” he added.
“The recent lease renewal provided income stability while allowing future flexibility to develop the site,” according to the executive.
“Pinkenba continues to see strong hardstand demand, supporting the rationale for longer hold periods with development upside in this corridor.
“Opportunities of this scale and calibre, so close to major transport infrastructure, remain limited, which is driving continued capital inflow into the area”.
Mr Walker leads BWC Constructions.
Subscribe to our newsletter at the bottom of this page.
