Australian fund manager Trilogy Funds has executed an off-market sale of a custom-built, high-specification industrial building in Mackay for $15.1 million from the Trilogy Industrial Property Trust (the Trust).
The industrial property, located on Diesel Drive in Paget, an established industrial precinct in Mackay on the doorstep of Queensland’s Bowen Basin, was acquired by the Trust in April 2018 for $7.25 million. The sale represents a 108% uplift on the original acquisition price and a 4.86% premium to the most recent external valuation of $14.4 million, capitalising on the strength of the Mackay market.
Upon purchasing the asset, Trilogy Funds worked with the tenant, Independent Mining Services (IMS), to undertake a multi-million-dollar site expansion.
The upgrade works included adding a 900-square-metre workshop to house the installation of ten electric jib cranes and two Eilbeck cranes, as well as constructing a 300-square-metre awning attached to the existing workshop. A 470-square-metre concrete hardstand was also installed to facilitate smooth operational access between workshops.
Trilogy Funds Head of Direct Property Laurence Parisi said the sale highlights the value that can be created through active asset management and targeted capital investment.
“This asset demonstrates the benefits of working closely with tenants to enhance functionality and support their long-term operational requirements,” Mr Parisi said.
“The expansion and upgrades strengthened the tenant’s commitment to the site, extended the lease agreement and ultimately improved the rental returns and underlying value of the property.”
Mr Parisi said strong demand for well-located industrial assets in regional logistics and resources hubs had supported the sale outcome.
“Industrial markets linked to major resources regions such as Mackay continue to attract investor interest, particularly where assets are underpinned by established tenants and purpose-built facilities,” he said.
“Transactions like this allow the Trust to realise value from mature assets and redeploy capital into new opportunities that align with our long-term portfolio strategy.”
The sale follows the late-2025 acquisition of a 6,612 sqm warehouse and office facility purpose-built for national tenant Tyremax, located in Berrimah, Northern Territory.
The recent investment decisions underscore the Trust’s strategy of selectively pursuing opportunities across emerging growth markets. The Trust continues to position the portfolio for long‑term resilience and responsiveness to evolving market dynamics.
As of 28 February 2026, the Trust comprised 17 assets with a gross asset value of $326 million, a weighted average lease expiry of 4.43 years and a 100% occupancy rate.
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