Fife Capital has expanded its footprint in the Australian industrial market, swooping on a circa 25,000sqm site for $8.2 million in the rapidly growing TradeCoast precinct near the Brisbane airport.
Located at 38 Radio Street, Pinkenba, the 25,140sqm landholding benefits from a new five-year lease to GLB Pty Ltd - a subsidiary of The Byrne Group - and was sold with development approval for a 12,000sqm industrial facility.
FIFE Capital is looking to secure a design and construct user for the site, which is available now.
CBRE’s Ed Bull and Nick Witheriff negotiated the deal on behalf of GLB Group.
Mr Bull said the property’s position and income security represented an outstanding investment opportunity in one of Brisbane’s revered industrial precincts.
“The opportunity to make a strategic purchase of land with guaranteed income from secure tenants attracted widespread buyer interest from both local and interstate buyers,” Mr Bull said.
“Furthermore, the rapid evolvement of the Eagle Farm and TradeCoast industrial precincts is fuelling growth and having a positive effect on the Pinkenba market, with more buyers looking to the suburb for investment opportunities.”
Mr Witheriff said the transaction was continued evidence of the TradeCoast’s growing appeal as an investment destination.
“The area has witnessed a 20% increase in land sale rates over the past 12 months, with many occupiers and developers fighting to secure land in this tightly held precinct,” Mr Witheriff said.
The property benefits from close proximity to the Gateway Motorway, Brisbane Airport and the Port of Brisbane, as well a host of major national and international users in the surrounding area.
CBRE also recently sold a nearby site for $10.07 million.
