The distribution centre for the Golden Casket Lottery Corporation has sold for $5.2 million.
In a sought after city fringe location at 29 Turbo Drive, Coorparoo, the property comprises a freehold 2,348sqm modern office and warehouse facility.
The property was purchased by Tom Howard Group Pty Ltd in an off-market deal brokered by Ray White Commercial QLD agent Sam Parker.
Mr Parker said the property’s location in a tightly held industrial pocket was a major attraction.
“The buyer was attracted to the quality of the building and near-city location approximately 3km from the Brisbane CBD,” Mr Parker said.
“With a recently refurbished corporate office space, high bay warehouse, and 22 on-site car parks, the property presented a rare opportunity to acquire a near-city industrial investment on a 2,860sqm block.
“The sale realised an initial 5.33 per cent yield, however, with an approaching lease expiry the buyer was able to harness further rental uplift by negotiating a new lease with the tenant that will come into effect later in the year.”
Mr Parker brokered the lease deal in conjunction with Cushman and Wakefield’s David Gibson and was not in a position to comment on the negotiated rental although industry sources say the annual rental was around $200 to $220p/sqm net.