Portsmith suite sells
Corner site with great exposure
AN interstate private investor has sunk $7.55 million into a warehouse portfolio in the Portsmith area.
The major investment comes off the back of an expressions of interest campaign spearheaded by agent CBRE Cairns.
The three adjoining properties occupy 54-56A Comport St at the corner of Buchan and Comport streets.
The three titles totalling 7981sq m with 4500sq m of high-quality concrete tilt slab warehouses are 11 years old.
The site is best known for being the home of Beaurepaires as well as other public companies including the Rewards Hospitality group, Azko Nobel and local business Svendson’s Supplies.
The sale price reflected a net yield of 7 per cent and with a weighted average lease expiry of approximately three years attracted strong interest from 72 buyers.
From the inquiries there was 18 inspections and 10 offers were submitted for multiple parts and one buyer for a suite of three properties.
The portfolio was offered in one line or as individual properties. A fourth property fronting Buchan St remains for sale.
CBRE Cairns managing director Danny Betros said the suite of buildings was just what passive investors were looking for.
“We were very happy to get the listing and very happy to sell it,” he said.
“It’s all about position and position and this one is on a corner with great exposure.”
Mr Betros said the buildings offered guaranteed average lease term of more than three years. “Investors look for the longest term possible, in this case you have three good tenants and always have income coming in,” he said.
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