Lester offloads cold storage facility

The Lytton property sold for $17.8 million.

Lester Group has offloaded a Brisbane Trade Coast cold storage investment after securing a seven year lease.

The 2263 square metre facility at 108 Freight Street, Lytton, has fetched $17.8 million reflecting a 4.49 per cent pasting yield.

Lester paid $11.5m in 2017 – a 7.45pc return.

It was the Perth based syndicator and developer’s first Queensland asset.

Built in 2009, on 8820 sqm, the Lytton property contains seven temperature controlled areas, 10.2 metre clearance and six loading docks (story continues below).

Bindaree Food Group is the tenant.

Colliers Sean Thomson, Anthony White and Gavin Bishop with Savills’ Shaw Harrison were the agents.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.