An industrial facility in Brisbane’s south-east has been acquired by a private investor for a 31 per cent above premium price.
Spanning 3415sq m, the property at 373 Sherbrooke Road, Willawong, was offloaded by Centuria Capital Group for $12.75 million. Centuria paid $10.6 million for it eight years ago.
CG Property Group’s Ben Clarke and Mark Gilbride handled the sale.
Akzo Nobel, a painting and coating specialist—with headquarters in the Netherlands— has a five-year lease on the warehouse, including 1420sq m of office space, 52 on-grade carparks and two loading bays.
The site at Willawong, 19km south of the Brisbane CBD, has access to the the Centenary Highway, the Logan Motorway (M2), and the Pacific Highway (M1).
The transaction comes as industrial market vacancies for Brisbane’s south-east hit new lows.
Centuria Industrial head Jesse Curtis said Centuria purchased the asset in 2015 through value-add leasing and since then had achieved attractive returns for investors.
“Limited vacancy and persistent tenant demand within infill industrial markets across the Australian eastern seaboard continues to drive outsized rental growth,” he said.
“These enduring strong market tailwinds continue to drive investor demand for quality industrial assets.”
Centuria has a $3.5-billion Queensland portfolio of 101 properties that includes healthcare, agriculture, industrial, retail, and property finance.
