Industrial property in Brisbane Rocklea snapped up pre-auction

An industrial property in Brisbane, put on the market for the first time in 30 years, has been snapped up before it had a chance to go to auction. 

The multi-tenanted investment at 7 Shettleston Street in Rocklea, 10 kilometres from the CBD, was sold two days prior to a scheduled auction for $3.325 million.

The deal was negotiated by joint agents Lachlan Hateley and David Knox of Knight Frank and Paul Flego of Raine and Horne Commercial Brisbane Southside. 

The 4,248 square metre property, which has a net lettable area of 2,576 square metres, is fully tenanted.

The anchor tenant is GPC Asia Pacific (owners of Repco), backed by a Fortune 500 company, Genuine Parts Company (NYSE:GPC). Other tenants include Gleemans Truck Parts and Superior Wheels. 

The sale reflected a yield of 7.95%. 

Mr Hateley said the vendor had held the property since 1988 due to the strength of the investment, and prior to the property hitting the market, buyer demand was expected to be strong. 

“Going into the campaign we expected significant interest, and this came to fruition, with 35 enquiries received and 15 parties inspecting the property before the deal was done,” he added.