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THREE properties in the Brisbane Technology Park at Eight Mile Plains have sold in one line for $24.5 million.
The assets were owned by Sydney-based fund manager Denison, forming part of its unlisted Denison Diversified Property Fund. The entire property fund is on the market, but the three Brisbane properties were sold as a carve-out from the broader portfolio.
Elliott O'Shea and Blake Goddard from JLL's Metro Sales and Investments team completed the off-market transaction after introducing the eventual purchaser, Zupp Property Group, to the properties.
"We were aware of the three assets prior to the portfolio going to the market," says O'Shea. "We knew they were non-core and acknowledged the opportunity to introduce a suitable buyer to the process and create immediate value for those groups who didn't intend to hold the properties long term."
The three properties included in the transaction were 26 Brandl Street, 77 Brandl Street, and 4/107 Miles Platting Road, totalling more than 8,170sqm of net lettable area and with weighted average lease expiry of around 2.64 years.
The sale happened very quickly, says O'Shea.
"For us to transact we needed to introduce a group who could operate within tight time frames and who were not subject to finance or capital raising. Zupp Property Group were the logical buyer in this regard and acted swiftly to secure the assets, with terms agreed within a few days."
Goddard adds, "This transaction is just another sign of the investment fundamentals these parks offer. The buyer was attracted by the low vacancy rate within the park alongside the value proposition offered in comparison to other Near City precincts."
Zupp intends to invest in the property before finding tenants for some of the remaining small vacancies.
JLL's Nick Bandiera also recently sold two former Moreton Bay Regional Council sites in two deals together worth more than $8 million.
The first site, a 5.71ha property at 181-191 South Pine Road in Brendale sold for $7.2million to a private developer. The industrial land block boasts 114m frontage to South Pine Road, Brendale's busiest arterial road, with dual access at the rear of the site via Garret Street.
The second property is based at 50 Magnesium Street in Narangba and sold for $1.5million. It sits on 3.5ha of raw, industrial-zoned general industry land and is situated in the heart of the Narangba Industrial Estate within close proximity to the Bruce Highway interchange.
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