Substantial 5.31ha industrial property in Rocklea, south of Brisbane, has been purchased by an interstate investor for $18.65m.
The property is over two lots, a 5.1ha site at 1801 Ipswich Road which has been home to IVECO Trucks Australia for the last 14 years, with four years remaining on the lease. And 1,892sqm at Suscatand Street, which is leased to Quinn Trucks Services on a five year term.
“Despite the asset having some challenges including historic flooding, we still received very strong enquiry and multiple offers,” said Simon Beirne of Colliers International who negotiated the deal with his colleague Matthew Frazer-Ryan.
“This indicates the lack of supply of investment opportunities in the region as well as the fact that investors have moved on from the 2011 flood event.
“Offshore groups also participated in the sale process, demonstrating the strong weight of capital inbound to Australia.”
The property has 163 metres frontage to Ipswich Road and features a refurbished 9,344sqm office, maintenance and parts warehousing facility, as well as vacant industrial land with DA approval. Combined rental income for the property is about $1.85m plus outgoings and GST.