The Oasis, Broadbeach, one of South East Queensland’s biggest mixed-use buildings, has been listed.
The 1989 built property features 24,399 square metres of net lettable area.
It underwent substantial renovations in late 2018.
The three-level centre features 16,909 square metres of food and beverage-based retail, 7,490 square metres of commercial space, and 998 car spaces.
The property has been listed by JLL in conjunction with McVay Real Estate.
They noted the area was experiencing a significant wave of residential apartment development with nine projects totalling 1,288 apartments either approved or under construction.
Offers close November 7.
Inner-Brisbane commercial building sold on tight yield during COVID-19
A new commercial building situated in a prominent corner position in the inner-Brisbane suburb of Ashgrove has sold in a deal representing a tight yield for Queensland.
The fully-leased medical and retail property at 9 Ashgrove Road, which also has frontage to Crawford street, was sold for $8.88 million at a passing yield of five per cent, with a passing net income of $444,300 per year.
It was purchased by GDA Diversified Property Trust having been listed by Eloper Group in a deal negotiated by Blake Goddard and Matt Barker of Knight Frank in conjunction with Michael Hedger, Darren Collins and Jack Morrison of CBRE.
Completed in May 2019, the Ashgrove building offers 618 sqm of medical/retail accommodation over two levels on an 800 sqm site with secure basement car parking for 26 vehicles.
It is 100 percent leased to three tenants including the Bank of Queensland, Ashgrove GP clinic and RecoverWise Physic, with 75 per cent of the income generated via the medical tenants, which are well- established in the precinct.
Mr Goddard said the campaign generated a suburban record for price per square metre of net lettable area of $14,369 and yield for an asset of this nature.
Mr Collins said the best interest came from the passive investors including numerous parties who work in the medical industry and were attracted to the strong lease covenants on this 100 per cent leased asset with an 8.5 year WALE (by income).
It is set just 4.5km from the Brisbane CBD.
This article is republished from www.propertyobserver.com.au under a Creative Commons license. Read the original article.
Mapletree Acquires Warehouse in Brisbane for $14.6m
Mapletree Logistics Trust Management, the first Asia-focused logistics REIT in Singapore, has agreed to acquire a newly-built freehold warehouse in Inala, Brisbane, Australia at a purchase price of A$21.25 ($14.6 million), according to a disclosure.
The acquisition is the company’s second logistics facility in Brisbane and will expand its footprint in Australia to a total of 11 assets with a combined gross floor area of 277,115 square meters.
The property is strategically located in Inala, an established industrial location, and is well connected to the Brisbane city centre, Brisbane Airport (35km) and the Port of Brisbane(40km) via key road infrastructure such as Boundary Road, Ipswich Motorway, Centenary Highway and Logan Motorway.
“With excellent connectivity to these major arterial routes, the property also provides access to the main population bases in Queensland,” the firm said.
Newly completed in May 2020, the property is designed with Grade A building specifications, including minimum clear height of 10 metres, floor loading capacity of 30kPaand is column-free.
It is also built with seven container height roller doors protected by an 8metresdeep awning and over 100metresof side-loading dock that is ideal for trailer trucks, and is also equipped with an ESFR system.
Comprising a single-storey ambient warehouse with annexed office and showroom, the Property has a total gross floor area of about 9,050 sqm sited on freehold land of approximately 18,801 sqm.
The Property has been valued at A$21.25 million by Jones Lang LaSalle Australia Pty Limited as at 14 May 2020based on the market capitalisation and discounted cash flow methods.
The acquisition is expected to generate an initial NPI yield of 5.4%. It is also expected to be accretive at the distribution level. Transaction-related costs are estimated at up toA$1.75million.
Mapletree Logistics Trust Management’s principal strategy is to invest in a diversified portfolio of income-producing logistics real estate and real estate-related assets.
As at 31 March 2020, it has a portfolio of 145 logistics assets in Singapore, Hong Kong SAR, Japan, Australia, China, Malaysia, South Korea, and Vietnam with assets under management of S$8.9billion.
The firm is managed by Mapletree Logistics Trust Management Ltd., a wholly-owned subsidiary of Mapletree Investments Pte Ltd. – BusinessNewsAsia.com
This article is republished from www.businessnewsasia.com under a Creative Commons license. Read the original article.
Gold Coast City Council buys $21m site for depot
The Gold Coast City Council has bought a development site in an industrial estate in Carrara for about $21 million with plans to build a water and sewer depot.
The 50,869 sq m site once developed, will comprise a 4000 sq m of office space, workshops, storage, an open hardstand and maintenance facilities to accommodate more than 300 workers.
The two lots were sold by Gordon Corp, a local developer that bought the entire City Link Industrial estate – a C-shaped, 85-hectare site adjacent to the Pacific Motorway and 10 kilometres west of Broadbeach – for about $20 million last year.
The site has been split into a 27-hectare industrial portion, which Gordon Corp has subdivided and offered as lots for sale or lease, and a residential component.
Colliers International’s Pat Cavanagh, who oversaw the off-market transaction, said it was a significant deal for the Gold Coast’s industrial property market.
“City Link Industrial is currently the only industrial land estate available for sale within the central Gold Coast industrial market,” Mr Cavanagh said.
“There are many local and national businesses that have benefited from the recent global changes. Warehousing, logistics and manufacturing of medical, food and other essential needs have emerged, together with current and existing businesses that have previously been at the negotiating table and have felt no effect with the current market changes,” he said.
Mr Cavanagh said almost half the estate was pre-committed. The remaining lots ranged in size from about 2000 sq m to 15,000 sq m.
There had been strong interest for the remaining lots with offers and deals exceeding $600 per square metre.
“With the number of proposals out for consideration to buyers and tenants now exceeding double figures, we expect the balance of this estate will be committed before completion,” he said.
Gold Coast City Council also owns an adjoining site to the north, now used as a maintenance and service depot, that will have access to the new development via two service ramps, negotiated as part of the deal.
Gordon Corp has other projects under way. Last November it submitted a revised development application for a three-tower mixed-use precinct – comprising two residential towers and a hotel – next to the Dreamworld theme park on a 1.92-hectare site.
In October 2017, the group paid about $22 million for a 22-hectare site in Arundel, also on the Gold Coast, bought from Colgate-Palmolive.
This article is republished fromwww.afr.com under a Creative Commons license. Read the original article.
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