Tenanted Caboolture Industrial Site Sold for $4,865,000
An industrial building at Caboolture north of Brisbane has been sold for $4,865,000 million by Ray White Commercial North Coast Central and CBRE, with the agencies helping the seller make a profit of more than $1 million just a year after purchasing the property.
The building adjoining the Caboolture airfield at 23 Lear Jet Drive, Caboolture, was sold to a private investor by Ray White Commercial North Coast Central’s Chris Massie and Ashley Rees on behalf of a private owner for a yield of 8.5 per cent.
Chris Massie said the successful sale was a good example of the importance of property preparation in today’s market.
“This property was originally sold by Ashley and myself for $3.57 million in late 2014 and the new owner quickly leased the vacant space in the 3600 sqm building and renegotiated with the main tenant to extend their lease,” he said.
“By filling vacancies and renegotiating the main lease, the owner repositioned the property from a B grade to a solid A grade investment, resulting in an increase value of $1.3 million in just 12 months.”
Ashley Rees said the warehouse complex is on a 5800 sqm land area within the Corporate Park Industrial Estate in Caboolture.
“This is a modern tilt panel building in a complex boasting a number of unique tenants including a helicopter company benefitting from the direct airfield access,” he said.
The Corporate Park Industrial Estate is 40km north of the Brisbane CBD and within 30 minutes’ drive to the Brisbane Airport.