Owner occupier Hitek Glazing has sold an industrial facility in Narangba Queensland for $6 million, reflecting strong market demand for quality industrial stock.
CBRE’s Dillon Murphy and Hugh Adnam, who sold the property to the vendor in 2016 with vacant possession, negotiated the sale and lease back of 14 Business Drive with commercial buyers agent Damien Holliday from Prosper Group who was representing the purchaser.
Dillion said the deal that due to a lack of stock in the market, Damien was having trouble finding an appropriate investment property for his client.
“Working collaboratively, our team identified 14 Business Drive as a potential site,” CBRE’s Dillon Murphy said.
“Due to weight of capital in the investment market we were able to secure a strong sale price on a sale and leaseback structure – reflecting strong market demand for quality industrial stock.”
Damien said that there was a genuine lack of good quality industrial investments available and strong demand from investors.
“It was a great advantage for our client to purchase this off market property without having to compete on an open market campaign,” Dillion said.