Scifleet family sell sprawling pre-delivery centre
The Scifleet family, which controls several south east Queensland Toyota car dealerships, has sold a sprawling outer north Brisbane property with a leaseback.
The 16.2 hectare holding – a SCI-Fleet Motors pre-delivery centre – and turf farm covering 132 Leitchs Road and Lot 2 Cribb, in Brendale, collected $32 million.
Based on the starting income ($1.66m), the off-market transaction is being struck at 5.21 per cent net passing yield.
The buyer, Jas and Nicky Singh Pty Ltd, is controlled by parties which hold nearby properties.
The deal come a year since we reported the Scifleet family outlaid $23m for a 4.93ha block of land at nearby 181 South Pine Rd, to develop and occupy.
Brendale is about 18 kilometres from the CBD.
IOS investment planned
At its southern edge, the Brendale property the Scifleet family sold contains an office/warehouse – all up with 5236 square metres – and significant hail-netted hardstand.
Part of the balance of the block contains a turf farm, subject to a land lease agreement (continues below).
An industrial outdoor storage investment is expected longer term.
“Opportunities of this scale are rarely offered…particularly with a combination of secure income and genuine value-add potential,” JLL’s Gibson Leembruggen, who acted for the seller entity, Taipan Corporation Pty Ltd, said.
“With the site offering functional existing tilt panel improvements…along with the future site expansion capability, the site provided excellent value-add potential,” he added.
“IOS demand is increasing particularly from the automotive sector as occupiers look for more cost-effective alternatives to traditional warehousing,” according to the executive.
“At the same time, readily available industrial land is becoming more limited, particularly for large scale hardstand sites.
“The purchaser intends to further optimise this site to add to their existing holdings”.
Earlier this week we reported Kinkora Investments, the new name for KM Property Funds (or KordaMentha Property Funds) outlaid $32m for a site opposite the Port of Melbourne in West Melbourne also for an IOS investment.
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