OzTrail building, Trade Coast Central. Photo: Supplied

Massive Brisbane OzTrail building sold off

Matthew Cranston|Apr 17, 2019

One of Queensland’s largest industrial developers, Bob Tucker, has bought back a major industrial property leased to private equity owned outdoor and camping equipment company OzTrail for $35.5 million.

The deal was struck directly on an incredible yield of 5.8 per cent, which is a very tight yield for industrial property considering a 50 per cent stake in the 62-storey office tower in the middle of Sydney – the MLC Centre – was sold on a yield of 4.5 per cent.

Mr Tucker originally built the massive 21,000 square metre shed, recognisable to Brisbane airport travellers, for the local Whittaker family who originally owned the OzTrail business before selling it to Odyssey Private Equity in December 2017.

While the Whittaker family sold out of the business they retained the mega property which sits inside Bob Tucker’s Trade Coast Central, a 140-hectare industrial estate on the edge of the Brisbane airport.

The Whittaker family originally purchased the building for $28 million in 2013 and in this latest transaction have sold out for $35.5 million.

It’s understood there were several off-market approaches from overseas funds to acquire the property, but the family decided to sell the site back to the original Tucker development group.