Hale secures Brisbane, Sydney industrial investments
Hale is buying two more industrial investments.
In the biggest deal, the asset manager and developer is in due diligence for a 3.24 hectare Banyo asset with two buildings covering 1035-1051 Nudgee Road and 10 Buchanan.
With 18,116 square metres, it is fully leased.
Assuming a 6.25 per cent passing yield, the outlay would circle $45 million.
JLL’s Ben Hegerty and Joel Scully with Colliers’ Sean Thomson and Gavin Bishop said rents, at c$155 per sqm, pa, are about 20pc below the market rate.
Dexus, the seller, paid $34.3m, settling in November, 2018.
Banyo is about 12 kilometres south west of Brisbane’s CBD.
The deal comes a year since Hale bought a Banyo South business park from Goodman.
Glendenning asset
Meanwhile, Hale has bought a vacant hardstand investment in Sydney’s west Glendenning.
Marketed as an industrial outdoor storage (IOS) site, with 1510 sqm in ancillary buildings and compacted road base, 204 Power Street spreads 1.72ha.
“The purchaser was drawn to the opportunity as it will seek to leverage strong demand from occupiers amid tight land supply and low vacancy in the precinct,” JLL’s Jack Kelliher, who brokered the off-market deal with Miguel Lee and Alexandra Nakhoul, said.
“The transaction also highlights increasing investor interest in IOS sites within core infill logistics markets,” he added.
Mr Lee and Ms Nakhoul with Cushman & Wakefield’s Joseph Siokos and Harry Dalton are now marketing the property for lease.
Glendenning is about 44km from town.
Last month we reported Hale was revamping the ex-Philips distribution centre in Melbourne’s Oakleigh South as a distribution centre.
It paid $50.3m ex-GST for that site, again following an off-market deal.
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