CBRE says its agents Jack Hardy and Sean Skeffington have negotiated the off-market sale of two Brisbane sites at Wacol for a combined $15,800,000 on behalf of two private landlords.
The investment management firm says the RF Corval Industrial Infill Trust bought the properties after there had been continuous demand for prime industrial and logistics assets.
“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,” Jack says.
CBRE notes the 52 and 60 Formation Street properties are close to the Ipswich and Logan motorways.
“The properties represent large infill land holdings within one of Brisbane’s most established industrial precincts,” Sean says.
“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,” he adds.
CBRE says the sites have a total land area of 18,306 sqm over two titles and a combined building area of 7690 sqm.
It adds that 52 Formation Street has been leased long term to the ASX-listed Pact Group while national logistics company Rockys Own Transport has occupied 60 Formation Street for many years.
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