Key Information on the 6th Asset
Prime Industrial Facility in Crestmead, QLD
This versatile warehouse facility occupies a prominent corner site in the prime industrial locality of Crestmead and will further bolster the Fund’s exposure to the high-demand industrial sector.
The open market rent review at the imminent lease expiry (Feb-25) presents the opportunity to capture significant rental growth potential when reset to current market rates. Furthermore, the property has a low site coverage of just 30% and is underpinned by significant land value of 67%, representing development opportunities and the potential for capital uplift.
Sector
Industrial
Location
122-128 Magnesium Drive, Crestmead, QLD
Tenant
Fully leased to Mirage Doors Australia Pty Ltd, a wholly-owned subsidiary of Assa Abloy
Land value
Approximately 70% of purchase price
Land Area
11,440m2
Investment Highlights
- Versatile facility with high-demand features
The property comprises a versatile warehouse/workshop facility equipped with a 4.9 tonne gantry crane. Included is an expansive hardstand area of approximately 4,500 sqm which is increasingly rare and highly sought-after in today’s market. The improvements include an additional 377sqm office/amenities area. - Strategic Location
Located in the prime, established industrial locality of Crestmead, the site benefits from superior access to transport corridors and occupies a prominent corner site accessed by dual crossovers. - Rental Growth Potential
The open market rent review at the imminent lease expiry (Feb-25) presents the opportunity to capture significant rental growth potential when reset to current market rates.
- Purchasing below replacement cost
Purchasing approximately 20% below estimated replacement cost. - Low site coverage of 30%
The property has a low site coverage of just 30%, which maximises the potential for future development. - High Underlying Land Value of 70%
The asset is underpinned by substantial underlying land, representing an estimated 70% of the purchase price, providing further potential for capital uplift. - Fully Leased
The asset is fully leased to Mirage Doors Australia, a wholly owned subsidiary of Assa Abloy – a Swedish/Finnish conglomerate with over 51,000 employees and operations in over 70 countries.
The Property & Location
The asset is situated in Crestmead, a prime industrial area in south-east Queensland, with convenient access to the Logan and Gateway Motorway Interchange. This strategic location connects the property to major infrastructure such as Brisbane and Ipswich CBD, Brisbane Port, airport, and Pacific Motorway to the Gold Coast. The property benefits from over 190m of frontage to Magnesium Drive and is accessed via dual crossovers.
