A Banyo industrial facility leased to Queensland University of Technology as its Pilot Plant Research Facility, part of the school’s Institute for Future Environments, has sold for $7 million.
A local investor and the vendor, a Melbourne family, struck a deal on a 6.82 per cent passing yield.
The tenant moved into 1&2, 457-459 Tufnell Road 10 years ago and in May exercised its first five year option.
Savills Industrial and Logistics’ Gregory Woods and Callum Stenson said QUT has invested heavily into the 2918 square metre complex throughout its lease term.
The building includes a high bay warehouse and contemporary offices.
It occupies a 5365 sqm site with 33 car parks (story continues below).
Banyo is about 13 kilometres north east of Brisbane.
“The purchaser moved quickly to secure the property given the quality…and…high calibre tenant covenant,” the brokers added.
As part of the rental agreement, the school’s rent rise every year – be it by CPI or 3.5 per cent, whichever is higher.
It has three more five year options.