Yamaha HQ trades between asset managers
Clarence Property Group has snapped up Yamaha Motors Australia’s state headquarters and distribution centre.
The $42 million deal for the 1.46 hectare Murarrie asset, 69 Rivergate Place – with Centuria – reflects a 7.3 per cent net passing yield.
Developed in 2008 for the occupier, it contains 11,353 square metres of improvements including a light manufacturing area.
The 9140 sqm warehouse is accessed from five roller shutter doors and four recessed docks.
The modern (2213 sqm) office has water views; the site has 98 metres pf Brisbane River frontage.
Centuria acquired the property for the Industrial REIT via its takeover of 360 Capital Group in late 2016, pricing it at $29.5m.
360, for the Capital Industrial Fund, bought it when it seized control of Trinity/UPG assets in late 2014.
The price paid that year – its last trade – was $27m.
Murarrie, in the Australia TradeCoast region, is about 10 kilometres east of Brisbane’s CBD, near Port of Brisbane and Brisbane Airport.
Yamaha HQ sold
Yamaha has three years left to run on a lease, with a five year option.
Centuria was represented for the sale by Colliers’ Sean Thomson, David Brisk and James Wilkie with Modus Property Group’s David Gibson and Jack Pershouse.
The deal comes nine years since Ballina based Clarence made its maiden industrial investment, coincidentally choosing Murarrie.
Its portfolio in the suburb has since ballooned to include, amongst other properties, Smith & Nephew’s headquarters on Queensport Road North, and the Paringa Industrial Park, which houses Wormald’s base.
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