06 Jul 2020

Mapletree Makes $21m Move on Brisbane Warehouse

Major property player Mapletree Logistics Trust has snapped up a newly-built A-grade logistics facility in Brisbane for $21.25 million.

The latest move marks Mapletree's second Brisbane-based logistics facility, having snapped up a Coles distribution centre in Heathwood for $105 million in October, and now expanding the Singapore-listed trust’s footprint to 11 assets across Australia.

The single-level warehouse, completed in May, has a total floor area of around 9,050sq m and sits on an 18,801sq m site at 114 Rudd Street, Inala.

Agents Paul Burns of Fitzroys and Justin Clarke of McGees Property, negotiated the off-market deal.

The pair said the sale comes as industrial and logistics properties are sought-after real estate assets, with the pandemic highlighting the importance of effective supply chains.

Clarke said the negotiations were sustained throughout Covid-19, adding that the transaction served as a precedent in the current market.

The new asset is leased to the Australian headquarters of bathroom and shower manufacturer Decina, which serves international markets in the Middle East, Europe and Asia, on a 10-year lease.

The acquisition is expected to generate an initial yield of 5.4 per cent.

Burns added that institutional investors and fund managers have heightened their focus on the sector.

“Securely-leased investments have a long and growing queue of buyers,” Burns said.

“There is a distinct possibility that securely-leased investments will in fact attract firming yields as property investors become more narrow in their mandate to buy passive property.”

Earlier this month, online retail giant Amazon and Goodman Group announced plans for a multi-million-dollar warehouse in Brisbane.

The new Amazon fulfillment centre will be built in Lytton on a combined site of more than 40,000 square metres.

SOURCE: https://theurbandeveloper.com/articles/mapletree-21m-move-inala-brisbane-warehouse

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