Former Arrium portfolio finds a buyer in Brisbane
A private Sydney-based investor has snapped up a $42.08 million portfolio of Brisbane industrial assets, once part of the collapsed Arrium steel and mini-mills business and sold through administrators KordaMentha.
The two Acacia Ridge properties, covering more than 10 hectares in total, are occupied by Austube Mills and OneSteel Reinforcing, which have long-term leases.
Both companies were acquired by GFG Alliance, the global conglomerate controlled by British billionaire Sanjeev Gupta.
Mr Gupta bought the former Arrium business in Australia from administrators KordaMentha for about $700 million in 2017, giving him ownership of the Whyalla steelworks in northern South Australia and the smaller mini-mills in Sydney and Melbourne.
The Brisbane properties were handled by Colliers International’s Simon Beirne and Matthew Frazer-Ryan, and JLL’s Tony Iuliano and Gary Hyland on behalf of KordaMentha.
Mr Beirne said terms of the sale were agreed late last year but settlement of the deal was delayed in order to process the title change for the sites from leasehold to freehold.
Both properties directly benefit from an 800-metre-long rail siding that links directly to the Acacia Ridge Rail Terminal, the largest road and rail intermodal terminal in south-east Queensland.
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