Gateway Capital has purchased an industrial site in the Brisbane suburb of Acacia Ridge for $28 million.
The property adjoins Gateway’s existing assets on Jackson Road and Landseer Street in Acacia Ridge and grows the combined site to 81,200 sqm of land in the tightly-held infill industrial market.
The amalgamated site was purchased on a blended cap rate of 6.14% and provides accommodation for twelve separate tenancies across 10 buildings.
Gateway said there was flexibility to explore development opportunities since the site had three street frontages, multiple egress points and a current site cover of 44%.
The firm acquired the property on behalf of the Gateway Capital Industrial Partnership (GIP).
Colliers and Cushman & Wakefield worked on the transaction.
The deal comes after Gateway purchased the 19,300 sqm site at 149 & 157 Jackson Road, Acacia Ridge for $12 million about a month ago, representing a cap rate of 6.32%.
Prior to that, Gateway bought a 9,101 sqm industrial property on a 2.2ha site at 70 Landseer Street, Acacia Ridge.
There have been numerous industrial deals across Queensland lately, including Singapore-headquartered SC Capital Partners’ acquisition of an industrial asset on the Gold Coast for $23.2 million.
Last month, Dexus Industria REIT exchanged contracts to buy a warehouse in the Brisbane suburb of Narangba for $44.5 million, while Centuria Industrial REIT acquired a portfolio of four industrial properties across Sydney, Melbourne and Brisbane for $129.4 million.
Other industrial deals around the country include EG’s acquisition of two industrial sites in the Melbourne suburbs of Blackburn and Blackburn North for $79 million, and LBP Developments’ sale of a prime industrial development site in Southwest Sydney to a private developer for $16.3 million.
There has been strong investor and occupier appetite for industrial and logistics properties nationwide, with the industrial vacancy rate across Australia’s five major cities falling to a historic low of 1.3%.