South Queensland cold storage facility sold for $22 million

Queensland-based boutique property investment management firm OzProp has purchased a fully-leased cold-storage logistics facility for $22 million in South Queensland's Yatala Enterprise Area.

Located on the M1 Pacific Motorway between Brisbane and the Gold Coast, the 7,485 square metre complex is on 2.12 hectares of land and is purchased at a price per square metre of net lettable area of $2,939. 

It features office space, a diesel refuelling depot, workshop, weigh bridge and driver accommodation.

The facility is fully leased to Scott Refrigerated Freightways.

OzProp co-founder, Jorgen van Seters said “with over 1.5 billion tonne-kilometres of goods moved each day in Australia, demographic, economic and retailing trends are clearly supporting very strong growth in the logistics industry which already employs more than half a million Australians.”

Michael Parker, Managing Director of OzProp said the long lease tail, robust and sustainable yield, stable income to an ASX-listed tenant and the defensive location ticks all our boxes.

"It is a good asset class to add to the portfolio and it will be a long-term hold for our investors," he said.