Syndicate secures new office-warehouse in Northgate for $2.39m

A brand new freestanding office and warehouse in Northgate has been sold for $2.39 million.

The post-auction sale of 14/62 Crockford Street was brokered by Ray White Commercial Queensland and CBRE.

Ray White Commercial Queensland’s Paul Anderson, who marketed the property with colleague Andrew Doyle and CBRE’s Dan Munnich, says the buyer of the fully leased property is a local syndicate.

Mr Anderson says Ray White Commercial Queensland has been involved with the site since the vendor bought the land.

“It was nice to be able to provide a total solution for the client,” he says. “We sourced the land, pre-leased the property to the tenant and achieved the investment sale only a couple of months post completion.”

There were four registered bidders at the auction who placed eight bids. The property was passed in at $2.38 million but was sold to another buyer for $2.39 million two weeks later. The deal was finalised in December.

Mr Doyle says: “The campaign generated strong competition and the property received spirited bidding on the day, with the bids falling just short of the vendor’s expectation. Then the sale was then negotiated promptly after auction on a cash/unconditional basis.”

With a net rental income of $171,440 per annum, the sale reflects a net yield of 7.1 per cent.

The freestanding tilt panel building is on a 2001sqm block and has a gross lettable area of 1012sqm.

It is divided into two tenancies. Fleet Flyers Pty Ltd occupies 756sqm; Tailored Projects Constructions Pty Ltd leases 256sqm.

Both started 3½-year leases in August 2017, with options.

The warehouse areas are column-free and are accessed via multiple roller shutters.

Mr Anderson says the property has been designed so the lightweight partition between the tenancies can be easily removed, providing flexibility for the site.

Northgate is about 14km from Brisbane CBD and the site is zoned General Industry A.

Crockford Street is accessed from Nudgee and Earnshaw roads, which connect with the East West Arterial, Toombul Road, Kingsford Smith Drive and the Gateway Motorway network. These roads provide easy access to the Brisbane CBD, Brisbane Airport, Airport Link Tunnel and the north and south coasts.