Singapore-headquartered SC Capital Partners has bought an industrial asset on the Gold Coast for $23.2 million, reflecting a passing yield of 5.45%
The property has an 8,600 sqm building, leased to 2026, on a 3.7ha site in the emerging Yatala Enterprise Area between Brisbane and the Gold Coast.
SC Capital Partners and its manager for the investment, KordaMentha Real Estate plan to develop the 1.6 ha surplus land.
The Singaporean private equity real estate firm acquired the industrial asset on behalf of its closed-end opportunistic fund, Real Estate Capital Asia Partners V (RECAP V).
The firm said industrial/logistics was one of the four main investment themes of RECAP V’s pan-Asian strategy, alongside senior living, data centres and special situations.
The fund has executed on 10 other industrial/logistics deals across China, Japan and South Korea.
“Stapylton Queensland is an excellent addition to RECAP V’s portfolio and is consistent with its strategy of acquiring well-located assets, which fit the Fund’s thematic approach,” said Suchad Chiaranussati, Chairman and Founder of SC Capital Partners.
“We are excited to manage this asset, which is occupied by a unique and truly Australian business contributing significantly to the Queensland economy” said Nick Crockett, Executive Director at KordaMentha Real Estate.
“The asset displays the characteristics we target in our search for industrial property, having been purchased with a passing yield of 5.45% and surplus land that we can develop on behalf of SC Capital Partners’ latest opportunistic real estate fund.”
The seller was represented by Savills.
There has been strong investment and occupier demand for industrial and logistics properties nationwide, with the vacancy rate across Australia’s five major cities falling to a historic low of 1.3%.
Recent 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, while LBP Developments sold a prime industrial development site in Southwest Sydney to a private developer for $16.3 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.