Demand for southeast Queensland industrial assets continues with interstate investors snapping up 142 Mica Street, Carole Park, in an off market deal.
The fully-leased 4802sqm property sold for $3.7 million with a 6.1 per cent yield.
“The property was an excellent off-market tilt panel investment opportunity on a low site coverage property,” Ray White Industrial Milton agent Harry Egan said.
“The property is leased to a national tenant in PR Polymers who have occupied the site for more than five years and have just over two years left on their current term,” Mr Egan said.
“The yield achieved highlights the aggressive nature of the investment market in securing quality tenanted buildings in the current tight market conditions.”
Over the past six to 12 months, industrial assets have been the preferred commercial property type, and Ray White Industrial Milton agent Jaems Balfour said the market had gone “from strength to strength”.
“The results we continue to see are pushing higher prices and tighter yields due to the appetite from local and interstate investors to secure properties,” Mr Balfour said.
“There has also been a strong shift towards off-market listings due to the amount of investors ready to act upon receiving opportunities and not risk the property proceeding to a competitive on market campaign.”
With extended lockdowns in NSW and Victoria, Mr Egan said there had been increased interest in southeast Queensland properties coming from interstate investors in recent months.
“Interstate investors have been educated on the current market conditions and due to the desire to invest in the southeast Queensland industrial markets we have seen more enquiries emerging from interstate buyers agents and from investors directly off the back of previous campaigns and dealings,” he said.