Occupier pays $20m for investment leased to Thiess
A future owner-occupier has paid $20 million for a large industrial investment leased to Thiess in Brisbane.
The deal for 112 Ebbern Street, Darra, reflects an initial yield of 5.5 per cent; annual income is $1.1m ex-outgoings and GST.
Spanning 1.78 hectares, with a 3373 square metre state-of-the-art manufacturing facility, it was offered by private interests associated with Mitchell Services.
The deal comes months since Australia Post listed a Darra distribution centre with a leaseback – part of a $400m portfolio.
Late last year UniSuper bought a 2.91ha investment with two buildings in the suburb – 2508 Ipswich Road – from Alan Fife’s Fife Capital.
CG Property Group’s Mark Gilbride, Michael Callow and Sammy Gould were the agents.
Darra is 14 kilometres south-west of Brisbane’s CBD (continues below).
Occupier buys investment
The Ebbern St buyer intends to occupy in 2031, when Thiess’ recently signed lease expires.
The transaction equates to $1,122 per square metre of land and about $5,929 per square metre of building area.
The low site coverage provides substantial external hardstand and flexibility for the purchaser, which was a key factor in the acquisition.
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