Key tenants are driving industrial growth in Narangba, according to CBRE. Photo: Supplied

Major tenants drive business investment in Brisbane's north: CBRE

Jack Needham|Apr 16, 2019

Retail giants including Costco and Super Amart are driving investor interest in Brisbane’s north, according to CBRE.

Big-name tenants were pivotal in the sale of two industrial allotments at 27-33 Boundary Road, Narangba, for $2.39 million, says CBRE’s Hugh Adnam, who negotiated the deal with Dillon Murphy.

The sale was on behalf of Grove Investment Group to two separate investors at a combined sale rate of $299 per square metre (net).

Tenants in the area include Costco, Super Amart, Nick Scali and Marinucci Packaging.

“One of the Brisbane-based investors was attracted to this established area, on the back of proposed road upgrades and a number of big name tenants signing long- term leases just metres from the site,” Mr Adnam said.

The size of the allotments also allowed for the future expansion plans for the two purchasers’ businesses, Mr Murphy said.

“These properties further suited the needs of the purchasers, with the 4000-square-metre site supporting their businesses continued growth in the expanding Narangba area,” he said.

“It is exciting to see private investors purchasing the general industry land to build their growing business, especially at these prices.”

The sites are around 26 kilometres north of the Brisbane CBD with exposure to Boundary Road, which connects to the Bruce Highway.

In other recent CBRE transaction news, the company reports that a former Thomastown refinery has been sold for $4.85 million by its Victorian team.

Located at 337-339 Settlement Road, the 2.21-hectare site was sold to development firm Forte Developments by a consortium of owners.

The former refinery in Melbourne’s Thomastown changed hands for $4.85 million. Photo: Supplied

Joint listing agent Amanda Traficante said the property was one in a string of recent purchases by Forte.

“Forte Developments is emerging as one of the most active developers in Melbourne’s northern suburbs, recently completing a number of commercial and residential projects in the area,” Ms Traficante said.

“This property represents an outstanding opportunity to undertake a landmark project in Melbourne’s rapidly evolving north, which is continuing to see an upturn in sales activity and strong price growth.”