Near new Gold Coast warehouses fetch $49m
A three year old industrial investment with two warehouses, halfway between Surfers Paradise and Brisbane’s CBD but classified Gold Coast, has sold.
The Stapylton asset, 90 Quinns Hill Road East, found favour with a local private investor for $48.75 million – a 5.32 per cent net passing yield.
Four tenants occupy the 16,316 square metres of area.
The weighted average lease expiry when the property hit the market last October was 7.2 years.
Improvements cover 34.4pc of the 4.7 hectare block, offering development upside.
“The…purchaser [was] drawn to the underlying replacement value of this near-new, high-quality industrial facility,” CG Property Group’s Mark Gilbride, Samantha Gould and Michael Callow, who acted for the vendor, Stapylton Developments Pty Ltd, said.
“The landmark deal highlights the sustained demand for premium industrial investments underpinned by long-term leases, strong tenant covenants and secure income growth,” they added.
Three weeks ago, we reported Centuria sold a nearby investment – 76 Quinns Hill Rd East – for 14pc over book value on behalf of a single asset fund.
Stapylton is about 40 kilometres north west of Surfers Paradise and the same distance south east of Brisbane.
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