Leaseback to an Automotive group and the value-add potential drive the play by the local investor
A large-scale industrial landholding in Brisbane’s tightly held outer-northern corridor has sold for $32 million in an off-market transaction, highlighting continued investor demand for income-backed assets with future development potential.
The property at 132 Leitchs Road and Lot 2 Cribb Road, Brendale was acquired by a local value-add private investor with existing holdings in the area.
The 161,876sqm* site comprises two allotments, including a 5,236sqm* office and warehouse facility and an associated turf farm, offering significant scale and flexibility to expand the useable site area.
The transaction was under-pinned by a leaseback, providing immediate income while the purchaser progresses plans for further expansion of the potential useable land component.
The asset generates a passing net income of approximately $1.66 million per annum, reflecting an initial yield of 5.21 per cent.
The asset comes amid rising industrial rent and tightened land supply, with demand for industrial outdoor storage (IOS) increasing as occupiers seek more cost-effective storage solutions.
The property also had a land lease to a local turf farm, providing future upside for the value-add investor who acquired the holding.
JLL’s Gibson Leembruggen said the result reflects sustained demand for large-scale industrial landholdings in supply-constrained markets.
“Opportunities of this scale are rarely offered in outer-northern Brisbane, particularly with a combination of secure income and genuine value-add potential,” he said.
“The leaseback to a well-established automotive group provided the purchaser with immediate income certainty, while the underlying landholding presents multiple future pathways, including redevelopment or further site optimisation.”
“With the site offering functional existing tilt panel improvements, improved & hail-netted hardstand along with the future site expansion capability, the site provided excellent value-add potential.”
“Industrial outdoor storage (IOS) demand is increasing, particularly from the automative sector, as occupiers look for more cost-effective alternatives to traditional warehousing. At the same time, readily available industrial land is becoming more limited, particularly for large-scale hardstand sites. “Sites of this scale in core industrial precincts are becoming increasingly rare and the purchaser intends to further optimise this site to add to their existing holdings.”
Located approximately 18 kilometres north of the Brisbane CBD, Brendale remains one of the region’s most sought-after industrial precincts, benefiting from strong connectivity and access to key population catchments.
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