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Event Rentals acquires $9.8m Virginia property

Event Rentals has paid $9.8 million for a Virginia industrial property considered rare in the suburb for its sizeable land area of 18,730sqm.

H Family Trust bought the property at 20 Shannon Place from L Pinkenkba Investments Pty Ltd, according to selling agents Ray White Commercial Queensland and Cushman & Wakefield.

Ray White Commercial Queensland’s Paul Anderson says once the site is fully leased, it will show an initial yield of 8 per cent.

Mr Anderson sold the site with Ray White Commercial Queensland colleagues Aaron Aleckson and Andrew Doyle, and Cushman & Wakefield’s Michael Callow and Myles Frederickson.

“The buyer was able to extract value on the transaction by striking clean and quickly, there were a few other agents lurking around the site with owner-occupiers,” Mr Anderson says.

“Unfortunately in real estate, there are no prizes for second place.”

The tilt-panel warehouse has access via multiple roller shutters. It includes air-conditioned commercial office space, staff amenities and on-site parking and an extensive concrete hardstand for storage and truck access. The total building area is 5890sqm.

Mr Callow says Event Rentals had been in the market for a number of years looking to relocate from the fringe industrial suburb of Newmarket.

“The Shannon Place property had the following attributes that match their requirement — full sprinkler system, low site cover, large concreted hardstand and the correct zoning for their 24/7 operation,” he says.

Mr Frederickson says: “This is an example of the ongoing trend of fringe users being forced to look further afield as their existing location goes through gentrification and suitable options become more scarce.”

The site is about 10km from the Brisbane CBD, close to the TradeCoast region, with good access to major transport routes.

Mr Aleckson says: “It was a super-rare offering, given the scale of the landholding. Normally Virginia sites are one acre or smaller in size.”

Mr Doyle says: “The sale reflects an improved building rate of $1663 per square metre but there is 7000sqm of additional land above the normal 50-50 ratio included in that.”

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