RF Corval Industrial Infill Trust has acquired two industrial facilities in Wacol, Brisbane from two private landlords for $15.8 million.
The 52 and 60 Formation Street assets offered 7,690 sqm of building area and total land area spanning 18,306 sqm over two titles.
ASX-listed Pact Group (PGH) leased the 52 Formation Street property, while national logistics company Rockys Own Transport occupied the 60 Formation Street asset.
The properties were situated close to the Ipswich and Logan motorways, offering access to the wider arterial road network in southeast Queensland.
CBRE agents Jack Hardy and Sean Skeffington negotiated the off-market sale.
“This transaction represents the growing desire for private entities to sell their properties off-market, capitalising on significant demand within the industrial and logistics sector, which has continued to escalate due to the sector’s resilience following the pandemic,” Hardy said.
“The properties represent large infill land holdings within one of Brisbane’s most established industrial precincts,” Skeffington said.
“The sites offer significant holding income for the purchaser who has a vision to add value to the sites over time and capitalise on the lack of industrial land in the area, which has benefitted from record low vacancy rates.”
The deal comes after Sims bought a 14-hectare industrial facility in Pinkenba, Brisbane from Sentinel Property Group for $88 million earlier this week.
Other Brisbane industrial and logistics transactions include Hines’ acquisition of an industrial property in Pinkenba, as part of a larger $211.5 million transaction.
In March, Charter Hall and its wholesale industrial partnership with PGGM bought a brownfield industrial site in Bowen Hills for $60 million, reflecting a 4.4% equated yield.
Clarence Property acquired an industrial land estate in Heathwood from Multeem for $30 million in February, while Harmony Property Investments purchased a portfolio of three industrial properties in Banyo, Brendale and Narangba from BFJ Property for about $24 million.
Nationally, investment into industrial and logistics property continued at full steam during the first quarter of 2022, with deal volume totalling $4.1 billion.
