PERTH-BASED GM Property Group has made its first move into the sunshine state, buying a $9.1 million industrial acquisition in Murrarie.
GMPG has grown its investment portfolio to $100 million during the past three years, with the Queensland property being its third industrial acquisition for this year.
The deal will expand the GPMG's geographic reach, allowing the property investment and development firm to explore new opportunities on behalf of its high net worth network.
The 33 Queensport Road South property sits along the Australian Trade Coast precinct and next to Murrarie Train Station.
With an annual income of $973,769, the site also offers potential long-term restoration opportunities subject to planning approvals.
GPMG director Blair Gerrard says the acquisition demonstrates the firm's strategic focus on secondary industrial property in prime infill industrial locations.
"This purchase fits within the GMPG criteria of prime location, a purchase price close to land value, high yielding with older style functional improvements and numerous value-add angles, with higher and better uses down the track," Gerrard says.
It delivers GMPG with a significant landholding covering 32,560sqm of freehold land and 6,190sqm of leasehold land owned by Queensland Rail.
The former Swires ColdStores facility is currently used for warehousing and distribution, with the three main buildings and two ancillary buildings providing a total space of 12,370sqm.
The property was sold by CBRE's Queensland Industrial Group director Ed Bull, in conjunction with Wright Property Group.
Bull says the site's tactical location was a key draw card, as well as its future development potential and income stream.
"The property provides significant future upside and the possibility of a higher and better use, subject to the relevant planning approvals," Bull says.
"In the interim, it provides a foothold in an industrial hub that is sought after by users seeking affordable rents in a location close to both the Port of Brisbane and the domestic and international airport terminals."
The property is fully occupied by a range of tenants, including Jewl Transport and ACT Logistics.Current income shows the property was transacted on an initial yield of 9.42 per cent.
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