RF Corval buys adjoining Brisbane warehouses
EXCLUSIVE
RF Corval had bought adjoining Richlands warehouses leased to the one business, ASX listed DGL Group.
The 1.05 hectare amalgamation, 93 and 99 Kellier Road, each with office/warehouses is costing the fund manager $11.5 million – a 6.43 per cent net passing yield.
Offering a total 5283 square metres, the tenant’s lease agreement, expiring in February, 2029, will see it pay the greater of CPI or three per cent per annum.
It also includes market reviews and a make good clause.
Near the busy Ipswich Motorway and Centenary Highway intersection, this pocket of Richlands is about 20 kilometres south west of Brisbane’s CBD.
The deal comes 10 months since RF Corval bought Adelaide and Melbourne industrial investments for its Industrial Infill Trust – all up spending $34.5m (story continues below).
Not long earlier it outlaid $14.3m for a 2.2ha hardstand site at Hemmant, north east of Brisbane.
It also picked up two Wacol assets – near to Richlands – for $15.8m in 2022.
One of those properties is also leased to an ASX-listed business – Pact Group.
Last week we reported the manager, for another fund, paid Dexus c$50m for adjoining Newcastle offices valued last June at $54.7m.
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