Pittwater spends $53m for business park
Pittwater Industrial has picked up a fully let Brisbane business park.
On 2.39 hectares with 24 units containing 13,165 square metres, 140 Wecker Street, Mansfield, cost $53 million.
EG Funds was the seller.
For the Australian Core Enhanced Fund, it paid $32m in early 2021.
The weighted average lease expiry at the time was two years.
As tenants vacated, improvements were refurbished and re-rented at higher rates – lifting appeal to institutional investors, a spokesperson said (continues below).
“This approach drove a significant uplift in the asset’s rental profile resulting in a substantial valuation increase over the hold period and delivering an internal rate of return of 20 per cent for investors,” they added.
CBRE’s Ben Lyons and Matthew Frazer-Ryan with Knight Frank’s Elliot Ryan and Ben Hatch were the agents.
Mansfield is about 11 kilometres south east of town.
The deal comes 18 months since we reported Pittwater, led by ex-Urbanest directors Ted Hawkins and Dave Munro, outlaid $39.4m for an Ingleburn industrial investment.
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