Stronghold Property Group has finalised the acquisition of an industrial asset in Brisbane's south east for $7.75m.
The property at 7 Hi Tech Court, Eight Mile Plains consists of a 1,549sqm office & warehouse building on a 4,212sqm site. The property is fulled leased to L3 Micreo until late 2023 and generates approx $555,000 in Net Income per annum. The purchase price represents a yield of 7.2%.
The asset will sit in the Stronghold Precincts Property Fund, a wholesale fund launched in November 2019 with an objective to build a portfolio of property assets near to the Brisbane Technology Precinct. The fund currently has 6 assets worth $71m.
The vendor of their latest acquisition, Benlee Funds, also recently sold the nearby 53 Brandl Street asset to Harmony Property Investment for $12.9m, also reflecting a 7.1% yield.
Knight Frank acted for Benlee on both transactions.
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