SC Capital makes maiden Brisbane investment
In its maiden Brisbane deal, SC Capital has picked up a Stapylton industrial investment with immediate development upside.
The 3.7 hectare property, 10 Elliot Drive, is costing $23.2 million, reflecting a 5.45 per cent yield.
Within the Yatala Enterprise Area, between Brisbane and the Gold Coast, it will be held by closed-end opportunistic fund, Real Estate Capital Asia Partners (RECAP V).
Savills’ Callum Stenson represented the vendor, a local private investor.
The property is near an 8.15ha logistics hub, part occupied by Woolworths, which GPT sold for $65.52m last year.
It is also close to an Aldi distribution centre which Charter Hall purchased with a leaseback also 12 months ago.
Immediate development upside
The Elliot Dve asset includes an 8600 square metre warehouse leased to Triple M Bodies until 2026.
Singapore based SC intends to redevelop a vacant component, spreading 1.6ha and facing the Pacific Motorway, with more product.
KordaMentha Real Estate will manage the investment (story continues below).
“Stapylton…is an excellent addition to RECAP V’s portfolio and consistent with its strategy of acquiring well located assets which fit the fund’s thematic approach,” SC chairman and founder Suchad Chiaranussati said.
Established in 2017, the fund targets real estate within four sectors: industrial/logistics, senior living, data centres and special situations.
It holds 24 properties, 10 of which are warehouse investments, in China, Japan and South Korea.
Elsewhere in Australia, two years ago, the manager paid Centuria $105.3m for a Parramatta office.
Also in 2019, SC Capital outlaid $108m for the former Victoria Police headquarters at 412 St Kilda Road.
That seller, Malaysia’s UEM Sunrise, offered the property with a permit for a 152 unit apartment complex it branded Mayfair.
Instead, the 22 storey building is being retained as a commercial investment.
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