Vic Investments Management Group is paying Australia Post $26 million for a distribution centre bordered by houses and a shopping centre, in Brisbane’s Underwood.
The government first listed the warehouse at 1677 Beenleigh Road early last year with a six month leaseback.
Based on the annualised net rent it offered ($2.05m) – the VIMG deal would be struck on a 7.9 per cent yield.
However the investment is vacant – Australia Post recently launching a leasing campaign to find one or more occupiers.
Melbourne based VIMG intends to replace the 9.7 hectare V-zoned parcel with a mix of residential and commercial stock.
On its website it is inviting registrations of interest for a project with 100,000 sqm spread as factories and offices.
About 18 kilometres south east of the city, near corner of Logan Road, the site adjoins Underwood Market Shopping Centre.
Australia Post’s former Underwood distribution centre
Australia Post developed the Beenleigh Road sorting and distribution centre in 1991 and extended it in 2000.
It includes a 13,659 sqm office/warehouse and 10,906 sqm awning.
The property has undercover loading for 5 B-doubles, drive around and drive through access and is configured with areas for truck servicing, washing, refuelling and parking.
It isn’t far from the Pacific Motorway, connecting the city to Gold Coast.
Australia Post relocated from Underwood to a landmark larger distribution centre in Redbank, in Brisbane’s south west.