46-50 Unwin Street, Pinkenba, Queensland - Westbridge Funds Management

46-50 Unwin Street

Pinkenba, Queensland

The Fund’s seed asset is a prime industrial facility located in the highly sought-after Australian TradeCoast precinct. Situated on a substantial corner site with three street frontages, the property boasts significant underlying land value, representing approximately 50% of the total asset value. Acquired at an attractive initial yield exceeding 7%, the existing lease offers exceptional flexibility, providing the opportunity to secure a long-term commitment or reposition the property at lease expiry in January 2028.

Since purchase, we have secured an annual independent valuation of the asset reflecting $32 million (an uplift of $1.5 million). The uplift reflects both the growth in the rental market and the initial soft purchase yield. Westbridge are further engaged in discussions with the tenant about the future occupation of the site beyond the lease expiry with the target of agreeing new lease terms for a longer-term occupation.

PURCHASE DATE

February 2025

ADDRESS

46-50 Unwin Street, Pinkenba, Queensland

LAND AREA

20,023 sqm

GROSS LETTABLE AREA

9,555 sqm

OCCUPANCY

100%

KEY TENANTS

HMG Hardchrome, part of global conglomerate Sime Darby Berhad

Asset Highlights

Yield Opportunity: The property was purchased at an attractive initial yield exceeding 7%.
Strong Underlying Land Value: The Manager estimates the site’s land value represents 50% of the total property value.
High Relocation Barriers: Significant infrastructure investments, including power upgrades and an Environmental Authority Permit, make it difficult for the tenant to relocate.
Lease Flexibility: The current lease expires in January 2028 with no further terms, allowing flexibility for long-term renewal or repositioning.
Multi-Tenant Potential: The property is suitable for a multi-tenant arrangement and is being acquired below estimated replacement cost.
Strategic Location: The site is located just 9 km from Brisbane’s CBD within the highly sought-after Trade Coast precinct. The site offers excellent connectivity via the Gateway Motorway, with its close proximity to Brisbane Airport and the Port of Brisbane making it an ideal location for industrial users.
Strong Tenant: The asset is leased to HMG Hardchrome, part of Sime Darby Berhad (KLSE:SIME), a global leader in heavy industry manufacturing with operations in 17 countries.

Property & Location

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Westbridge Industrial Opportunity Fund

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