OzProp picks up Brisbane cold storage shed for $9.5m
Queensland property syndicator OzProp has snapped up its second refrigerated shed in six months after paying $9.5 million for a 3844 square metre complex in Brisbane.
OzProp acquired the property, which stands on a near one hectare site at 47 Acanthus Street in Darra in Brisbane’s south west, on a yield of 7.4 per cent. The warehouse will sit in a new unlisted fund that is oversubscribed.
It was sold by Les and Judy Blennerhassett, who run freight and logistics company Blenners Transport. Records show they paid just $893,000 for the property in 2010.
The Brisbane acquisition follows OzProp acquiring a Gold Coast cold storage warehouse from Financial Review Rich Listers Tony and Christina Quinn for $22 million in August last year on an 8.1 per cent yield.
In June, OzProp bought the Home Central Retail Centre in Coffs Harbour for $11.75 million on a net passing yield of 7.7 per cent.
The latest Brisbane acquisition sold with a brand new five-year lease in place to Comgroup Supplies, which manufactures and distributes individually quick frozen foods, and 3 per cent annual rental uplifts built into the contract.
The building includes an internal clearance height of 13 metres, a solar power system and 2000 square metres of hard-stand parking.
OzProp, which has completed nearly $250 million in commercial deals since 2008, aims to distribute a return to investors of 7 per cent growing to over 8 per cent within the fund time horizon.
In December 2017, OzProp also completed the acquisition of an office building in Brisbane’s Fortitude Valley for $5.9 million at an initial net yield of 7.2 per cent.
