Blackstone swoops on Brisbane business park
Blackstone is replenishing its industrial portfolio, picking up a business park abutting Brisbane Airport from Dexus.
The 3.43 hectare investment, 441 Nudgee Road, Hendra, also known as the also known as the Northpoint Business Park, in the Brisbane Central North precinct, is believed to be costing just over $50 million – the price Growthpoint agreed last year, going so far as to seek capital, for a deal it didn’t proceed with.
The result would reflect a c5.9 per cent net passing yield; with five standalone buildings containing a total 15,409 square metres, it is tenanted to 16 groups.
Dexus, on behalf of the Wholesale Property Fund, paid $27.4m in 2013.
That result demonstrated an 8.5pc capitalisation rate.
The manager was represented for the sale by CG Property’s Samantha Gold, Michael Callow and Mark Gilbride.
Blackstone builds back industrial book
Developed about 20 years ago, about a third of the Nudgee property’s lettable area is offices.
The federal government is a key tenant client, occupying about a quarter, while fast food chain Hungry Jack’s also rents a space for its state headquarters.
However the weighted average lease expiry is short – less than two years (story continues below).
The deal comes three years since Blackstone agreed to sell a collection of 45 assets covering 360 hectares, predominantly on the east coast – known as the Milestone portfolio – for $3.8 billion.
With that sale, the manager fell from becoming Australia’s fifth biggest industrial property owner – an accolade it could claim since 2016.
The buyer meanwhile, ESR, upped to third.
Later that year Blackstone made amends, via its Core+ Real Estate strategy in Asia, acquiring a 49pc stake in the Dexus’ Australian Logistics Trust – for $2.1b from Singapore sovereign wealth fund GIC.
In April, Blackstone bought a two hectare industrial investment in Sydney – 133 Vanessa Street, Kingsgrove – for c$55.75m.
That seller, Charter Hall, outlaid $37m in 2019.
CBRE’s Shaun Timbrell and Jason Edge were co-agents.
Again with a short WALE – and no options – Blackstone is expected to improve the asset and aim for a higher rent.
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