$9m Stapylton deal
A STAPYLTON property — home to Select Plant Hire — has been snapped up by a Brisbane investor for $9 million.
The 183 Burnside Rd property sale settled last week after the investor signed a contract on the site last month.
David Corke, of CBRE, who marketed the Yatala Enterprise Area property with colleague Luke Brechin in conjunction with Nick Witheriff, of Witheriff Property, said the site drew more than 15 inquiries during the campaign.
He said most of the interest came from southeast Queensland buyers.
“The buyer saw a lot of upside in future development prospects because it is partly undeveloped,” he said.
“The sale is an example of the confidence investors have in the Yatala Enterprise Area.”
Select’s lease expires in 2020, and it has a five-year option, returning net annual rent of $1.013 million plus outgoings and GST.
Mr Corke said having two years left to run on the lease was not a deterrent to the buyer.
“He is confident of securing another tenant if the current one chooses not to take the option.”
The property comprises a 3990sq m warehouse with two levels of office space, occupying a portion of the 4.26ha site.
It was sold by Scarborough Street Southport Pty Ltd, linked to Sydney investor Albert Birss, which picked up the site for $6.38 million in 2010.
Scarborough also owns 27 Scarborough St, home to an NAB Australian outlet, which it purchased for $10.54 million in 2008. Select Plant Hire, one of Australia’s leading construction equipment suppliers, is a division of the UK-based Laing O’Rourke.