Building type: Industrial
Building area: 1,569m2
Hardstand area: 2,488m2
Land area: 5,622m2
Purchase price: $5.3 million
Net passing yield: 5.55%
$/m2 building area: $2,327/m2
$/m2 land area: $3,485/m2m2
$/m2 blended rate: $3,013/m2
Newly refurbished Industrial complex
Newly completed hardstand area of 2,488m2
Situated over two lots allowing easy subdivision.
Potential future development upside due to undeveloped lot.
7 x container height roller doors.
WALE: 8.8 years
Net income, pa; $294,129.55
Net warehouse income; $124.87/m2
Net hardstand income; $30/m2
Net blended rate; $167.21/m2
Tenancies: Single tenant
How Did Prosper Group Assist Their Client?
One of Prosper Group’s long term High Net Worth Family clients who we have assisted in purchasing 6 commercial investments to date, have again entrusted Prosper Group to further expand the family’s portfolio.
Sourcing this property off-market, the opportunity originally had a WALE of 3.8 years. During the due diligence period we were able to negotiate for the tenant to exercise their option prior to settlement providing a longer WALE of 8.8 years allowing further security for our client.
In addition to the increased WALE, this purchase contained 2 lots/titles and provides further add-value potential through the ability to develop the vacant lot and either hold or sell separately.
Our client was very happy to have secured this property ahead of other buyers in an extremely competitive Brisbane market where investor demand for Industrial properties with a long WALE is extremely high.