Caboolture warehouse sale results in $1.3m profit after one-year turnaroundThe sale of this property at 23 Lear Jet Drive, Caboolture, resulted in a $1.3 million profit. Photo: Supplied

Caboolture warehouse sale results in $1.3m profit after one-year turnaround

The owner of an industrial building north of Brisbane has walked away with a $1.3 million profit from its sale just a year after buying the property.

The tenanted building at 23 Lear Jet Drive, Caboolture, has been sold to a private investor for $4.865 million for a yield of 8.5 per cent.

The seller had bought the property in late 2014 for $3.57 million.

Chris Massie and Ashley Rees, of Ray White Commercial North Coast Central, managed both sales. Mr Massie said the result was a good example of the importance of property preparation.

After the 2014 purchase, the new owner had leased vacant space in the 3600-square-metre building quickly and renegotiated with the main tenant to extend their lease.

“By filling vacancies and renegotiating the main lease, the owner repositioned the property from a B-grade to a solid A-grade investment, resulting in an increase in value of $1.3 million in just 12 months,” Mr Massie said.

The warehouse complex is on a 5800-square-metre site in the Corporate Park Industrial Estate, a 30-minute drive from Brisbane Airport.

The estate is adjacent to the Caboolture airfield.

Mr Massie said the modern tilt-panel building was in a complex with unique tenants that included a helicopter company.

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