Industrial asset leased to Domayne sells for $6.07M at auction

AN INVESTOR has beat off multiple registered bidders as a brand-new industrial asset leased to Domayne sold for $6,070,000 at Lots 16 and 17, Crockford Street(above), Northgate in Brisbane.

The asset, that came with a 2,358sq m* building area on a 4,000sq m* allotment, was leased to Domayne at an annual rental of $330,000* p.a. net with a primary lease term expiry of April 2027.

The property was marketed and sold by Ray White Commercial Queensland Director – Brokerage Services Paul Anderson and Managers Andrew Doyle and Aaron Aleckson.

“The sale price equates to a yield of around 5.4 per cent. The result exceeded the reserve, which is probably reflective of the fact there were not two of these on the market,” Mr Anderson said.

“What a win-win transaction between the parties. Not only was a strong result achieved for our client, but the buyer has secured an opportunity which is supremely difficult to replicate.”

Ray White QLD Chief Auctioneer Mitch Peereboom calling Lots 16 and 17, Crockford Street, Northgate in Brisbane.

“The campaign generated over 130 enquires with the asset also demanding attention from all Australian states and the Asia Pacific region,” Mr Doyle said.

“We had five registered bidders on the day and the sale has further highlighted the upward trajectory of Northgate as a location for industrial property.”

“It’s so gratifying for our team to provide development advisory to the client, execute on the leasing assignment, and the end sale,” Mr Aleckson said.

“We’ve been building a full solution model for a number of years now and it’s exciting to see this performance during the COVID-19 pandemic.”

*Approximately.