A private Brisbane based investor has snapped up a brand new concrete tilt panel office/warehouse facility in the heart of Richlands for $3 million, reflecting a record yield of approximately 5.8 percent.
Developed in early 2020 by leading Brisbane developer Industrial Development Group (IDG), 18 Network Place features a clear span warehouse accessed via dual container height roller doors, corporate office accommodation over 2 levels, 3- phase power, ample on-site carparking including 3 undercover and full security fencing to the perimeter.
Garry McNamara, Director of IDG said “We were incredibly pleased with the result here at Richlands. Industrial property is one of the few segments of the property market that has remained resilient during the COVID-19 pandemic.”
Mr McNamara went on to say that “Yields are continuing to trend downward which is no surprise given the current interest rates. Tenant and owner occupier demand is still strong, and the resilience of the Queensland market is evident given the great outcomes achieved here”.
The 1,461sq m building sits on a 2,539sq m site and offers 7.5 metre clearance with neighbours including Parmalat, Coca-Cola Amatil and Queensland Health. The property is fully leased to locally based business, Australian Electronic Maintenance Services on an annual rental of $175K on a 5 + 5 year lease.
The sale was transacted by Callum Stenson of Savills Industrial & Logistics who said the property is located in the heart of Richlands, and provides excellent access to the Ipswich, Centenary & Logan Motorways and is only 20 minutes to the Brisbane CBD.