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Sydney-based Irongate Group (ASX: IAP) continues to bet on Brisbane with a contract now entered to buy an industrial facility in Pinkenba near the city's airport for $24.75 million.
The property on 153 Main Beach Road was built in 2018 and is currently leased to automotive e-commerce group Grays with a lease expiry in March 2028.
It is a move that comes hot on the heels of the completion of a $15.62 million acquisition in Brendale in January, a month when 360 Capital REIT (ASX:TOT) also acquired a 9.18 per cent strategic investment in Irongate for around $78.6 million.
Irongate CEO Graeme Katz says the Pinkenba property gives the company a strategic land holding of almost four hectares in the Australian Trade Coast Precinct, one of Brisbane's premier industrial locations.
"Pinkenba is immediately adjacent to Brisbane Airport and the area will benefit from infrastructure upgrades associated with the new Brisbane International Cruise Terminal," he says.
"We believe the Brisbane industrial sector currently offers relative value and the acquisition will increase IAP's exposure to industrial property to 32 per cent by both income and value."
The property comprises 1,852sqm of office and warehouse accommodation and 33,615sqm of high-quality hardstand.
The effective date of the acquisition of the Property is the settlement date under the contract for sale of land which is scheduled for 22 March 2021.
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