Melbourne agent-turned-investor sells maiden Brisbane asset
Melbourne-based Unified Property Group, led by ex-CBRE director Justin Clarkson, has sold its maiden Brisbane investment.
The large format retail complex with six tenancies and 34 car parks at 3 Montpelier Road, on the Newstead-Bowen Hills-Fortitude Valley border, fetched $27.5 million
It paid $16.2m in 2017.
That seller was Marquette Properties, as asset and development manager, which had just undertaken a $3m renovation.
Five-storey development upside
The 5141 square metre Montpelier Rd holding was Unified’s maiden Brisbane acquisition.
In a reversal of the real estate backdrop today, Mr Clarkson said at the time it was looking beyond Melbourne where real estate prices were too high.
The on sale – to a Queensland-based private investor – was struck at a 4.63 per cent net passing yield.
With 3393 sqm of retail and showroom space, it is anchored by Beaumont Tiles and Highgrove Bathrooms.
The weighted average lease expiry is 3.48 years with guaranteed annual rent rises.
All leases contain 12-month demolition clauses, if a new building is proposed.
Zoned Mixed Use 1, it can accommodate a five-storey building “with council acknowledging that additional building height may be supported through a performance-based planning outcome,” the agents, Ray White’s Lachlan O’Keeffe and Tony Williams, with MP Commercial’s Peter Court, said upon listing (continues below).
“Ongoing redevelopment of the neighbouring precincts demonstrates a clear trend toward increased density and height within the broader inner-city corridor,” according to the executives.
More than 400,000 vehicles pass the site weekly, they added.
Developers line up at Newstead
Newstead is three kilometres from Brisbane’s CBD.
“[The suburb accommodates] is Brisbane’s pre-eminent luxury apartment market with prices exceeding $2m as supply continues to be constrained,” the agents said.
Last week realestatesource.com.au reported Frasers Property Australia flipped a car park in the suburb permit-ready for two 16-level residential towers.
That buyer was Graya, for $40m.
In April we reported Pedro Pikos outlaid $60m for three Newstead sites.
Mr Clarkson has about 20 years’ experience in commercial property, including almost a decade as a director of metropolitan investments at CBRE.
After leaving agency, he established Clarkson Commercial in 2016, later merging it with Unified Property Group, which develops and invests.
Subscribe to our newsletter at the bottom of this page.
