A Brisbane industrial property set for the development of a logistics facility has changed hands for more than $14 million.
The 13,773sq m property at 18 Macgregor Place in Richlands, within the Metroplex estate, will soon be home to a 7,683sq m logistics facility, with 7,276sq m of warehouse and 405sq m of office, with construction set to start immediately and completion scheduled for the first quarter of next year.
It was purchased by Clarence Property from Lansky Constructions for $14.44 million in a deal negotiated by Mark Clifford of Knight Frank.
The deal saw a yield of 5.9 per cent struck for the property, with a rent guarantee in place.
Mr Clifford and colleague Ned Jefferies are now spearheading a leasing campaign for the property after the sale of the property was completed on a fund-through structure, which suited the vendor, who will also be delivering the finished warehouse and office product.
“The 1.3ha Richlands block is positioned at the entrance to the highly sought-after Metroplex estate, and was one of only a handful of vacant land sites remaining in the entire precinct,” he said.
“The acquisition provides Clarence Property with a strategic industrial foothold in the western corridor of Brisbane, in a high demand area set to see massive future demand and growth from industrial occupiers.”
Mr Clifford said he was confident in securing a tenant prior to the project’s completion.
“There is strong demand from industrial occupiers in Richlands, and we are already fielding interest from a number of parties,” he said.
“This quality office and warehouse facility is in one of Brisbane’s most sought after industrial and logistics locations.
“It provides direct access to major arterial roads including the Ipswich Motorway, Logan Motorway and Centenary Highway, allowing for efficient distribution of goods across South East Queensland.
“The functional design of the facility will ensure an efficient and flexible workspace, which will suit a variety of users.
“The facility can be offered as two separate tenancies of around 3500 square metres, or one whole tenancy.”
Clarence Property managing director Peter Fahey added the acquisition adds another significant industrial property to our growing portfolio.
“We look forward to working with Mark and the Knight Frank team to secure a long-term tenant for this state of the art logistics facility in such a high demand area.”