$3.5 million for Chermside warehouse property
A Chermside property has been sold for $3.5million in an off-market deal to Centennial Industrial & Logistics.
The partially leased property had a new 10-year lease.
There was also an additional vacant building and a parcel of land for development at 594 Rode Road.
Totaling 10,860sqm, the site features two warehouses of 703sqm and 1,060 sqm at the rear of the site and a 270 sqm showroom.
JLL Industrial agents Gibson Leembruggen and Fraser Power secured the sale.
JLL has also been engaged to offer the building for lease and the refurbishment is underway for this tenancy.
“Centennial Industrial & Logistics has invested considerable time in the area with this acquisition enabling them to consolidate a sizeable 4.3 ha holding across three adjoining properties,” said Mr Leembruggen.
“By controlling the neighbouring site they are able to unlock additional value by amalgamating the rear surplus land with 590 Rode Road.
"Their intention is to develop a high-end industrial estate and land subdivision targeting small-to-medium size users with an end-value of approximately $30 million,” he said.
“Given the proximity to the hospital, Westfield Chermside and exposure to Rode Road, the site may also offer the potential for higher end retail uses and potentially aged care options.”
His colleague Fraser Power noted the lease to Allkind Joinery & Glass is returning $160,000 per annum net.
“The current occupier has called the site home for over 30 years,” he said.
Centennial Industrial and Logistics is a sector specific, national property funds management group with offices in Sydney and Brisbane.
It has $180 million of investment and development assets under management.
