Clarence Property $10.3m industrial investment in Murarrie

Clarence Property has bought their first industrial investment for $10.3 million in the Australia Trade Coast precinct in Murarrie near Brisbane.

Located within a five kilometre radius of both the international and domestic airports, 45 Alexandra Place is a modern industrial facikity.

Built in 2007, the property is spread over five units with 6,185 sqm of gross floor space. 

It comes with a yield of 7.5 percent with blue chip tenants such as Australia Post and TAB ensuring a sold income stream.

Clarence Property, a diversified funds manager with a portfolio of over $500 million in assets, have been looking at getting into the industrial market, according to John Slater, Colliers International director of industrial.

“Clarence Property have been looking at getting into the industrial market, and approached us with a buyer mandate to add to their Westlawn Property Trust which currently has over $200 million in assets.

“We went out to market targeting properties that fitted their requirements," John said.

"There is a lot of money in the market currently to buy, but a real shortage of appropriate assets to reinvest into.

“We approached OzProp Capital Pty Ltd with the opportunity, and in the end negotiated the price that they were happy with.

“This A Grade asset ticked all the boxes in terms of value, location and the fact it was multi tenanted, which spread the risk of lease expiries.

“The building has a very unique aspect, consisting of a corporate façade and high quality offices at the front, with warehouse and roller door access positioned at the back.