Primewest pay $16 million for an industrial property at Crestmead in Brisbane in a deal brokered by CBRE and Colliers International

A WEST Australian investment group has snapped an up property in one of Brisbane’s revered industrial hubs for $16 million.

OPPORTUNITY: West Australian investment group Primewest has paid $16 million for an industrial property at 41 Platinum St, Crestmead.

WEST Australian investment group Primewest has snapped an industrial property south of Brisbane.

The company paid $16 million for the 50,000sq m parcel at 41 Platinum St, Crestmead, in a deal that realised a 7.5 per cent yield.

The property comprises a total building area of 11,214sq m — consisting of a 10,744sq m warehouse and 272sq m office — as well as a 25,231sq m hardstand, 1977sq m of awnings and 151 on-site car bays.

The property was sold with a five-year lease to modular homes specialist Fleetwood Corporation, generating an annual rental of $1.2 million net.

CBRE’s Edward Bull and Jack Pershouse in conjunction with Colliers Internationals Adam Wills negotiated the sale on behalf of a private family.

Mr Bull said the property’s position in one of Brisbane’s revered industrial hubs attracted strong buyer interest.

“The opportunity to acquire a significant footprint in a proven industrial precinct — with the added benefit of a secure lease — attracted strong investor interest during the sales process,” he said.

Mr Wills said the sale marked Primewest’s second industrial acquisition in Brisbane.

“Opportunities around low site cover assets in traditional industrial hubs are becoming increasing scarce, typically offering reliable income streams, are readily leasable and will see good capital growth,” he said.