Melbourne based funds management group, VIMG has invested $26m in acquiring Australia Post's distribution facility in Underwood, QLD.
The property at 1677 Beenleigh Rd comprises 9.7ha of industrial land and 24,873sqm warehouse facility and parking for 155 cars. Underwood is located just off the M1 Pacific Motorway, approximately 17.5km from the Brisbane CBD.
The site is surplus to Australia Post needs and was offered with a 6 month lease back arrangement with a rent of $2,050,000 per annum net, equating to a 7.9% passing yield.
The sale represents a price of $2,660,000 per hectare of site area and compares to a nearby the sale of the old Foundary in Bradken, just 3kms west of the site which sold in January 2020 for $1,625,000 per hectare.
The Underwood property is a rare infill land parcel in a tightly held precinct adjacent to both residential and retail uses, including Underwood Marketplace, which contains a large Woolworths and Big W discount department store. The Centre is owned by a Chinese based investment group, Shun Pty Ltd, who paid $51m for it in 2012.
The zoning on the Australia Post site allows for a range of repurposing opportunities including code assessible high residential, leisure and industrial uses.
VIMG has prepared a draft planning application for a project that comprise medium density residential housing including retirement living and aged care along with commercial, medical and retail uses.
With a large presence in Sydney and Melbourne, the Group has only recently ventured north to Queensland with a small investment in Sunnybank and now Underwood.
The sale of the site was managed by Colliers.
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