Occupier pays $20m for investment leased to Thiess
A Melbourne-based future owner-occupier has paid $20 million for a large industrial investment leased to Thiess in Brisbane.
The deal for 112 Ebbern Street, Darra, with an entity associated with equipment hire business All Plant, 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
All Plant is expected to occupy in 2031, when Thiess’ recently signed lease expires.
The transaction equates to $1122 per square metre of land and about $5929 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.
The deal comes four months since All Plant bought a Melbourne property from Kinkora Investments.
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