South east Queensland investors are chasing industrial investments to add to their portfolios after two properties in Carole Park were snapped up at an auction for a total of $5.7 million.
Matthew Frazer-Ryan and Stewart Gamblin of Colliers International were marketing the properties on behalf of a local investor with 2 Ron Boyle Crescent selling under the hammer for $3.4 million (8 per cent yield) and 56 Mica Street selling for $2.3 million (8.26 per cent).
“We had three registered bidders for each property and multiple bids from local buyers, with highest bidders being investors from Brisbane and Ipswich,” said Mr Frazer-Ryan.
“Both properties are high quality A Grade facilities with international and national tenants in place offering strong returns on shorter term leases. The result was in line with current market expectations where we are experiencing strong demand and limited supply of these types of properties.”
Mr Gamblin said Carole Park is an established industrial suburb with direct motorway access allowing excellent connectivity with both infrastructure and interstate road networks.
“Industrial investments in Carole Park are very tightly held as the area is just about completely developed with a small amount of lots earmarked to be improved by a mix of industrial offerings.”
2 Ron Boyle Crescent is positioned on a 4,525sqm site and includes a 2,025sqm quality tilt slab building. 56 Mica Street property comprises a 1,544sqm office/warehouse/manufacturing freestanding facility on 4,397sqm of industrial land.