A WHEELY GOOD SITE

A NORTHERN Territory grazier has lassoed a high quality investment property at Stuart with the purchase of Wagners’ former Townsville head office and warehouse.

The 1ha site, which is now leased to Bridgestone Earthmover Tyres, was carved out of Wagners’ Townsville holdings when the construction com- pany sold its Queensland quarry and concrete plant assets to Boral for $ 173 million in 2011.

The warehouse property sold for about $ 4.5 million showing a yield of 7.8 per cent.

Knight Frank Townsville director Paul Dury said the site, at 50 Brookhouse St, was sold off market and still attracted three firm offers before the Northern Territory interests won the day.

He wished he had more of this kind of product.

They would likely sell every day of the week, he said.

Mr Dury said while sites were available for lease in Stuart, property was tightly held.

“People want to be located close to the port,” Mr Dury said.

Knight Frank leased the site to Bridgestone in 2013 for 10 years with two five- year op- tions and 4 per annual reviews.

The site is situated close to the Flinders Highway and the Port Access Road which also provides access to the Bruce Highway.

The facility was purpose built in 2007 for Wagners as the Townsville head office for their warehousing and construction operations.

It include a 1500sq m office cent fixed building, warehouse with twin gantries, and full concrete hardstand yard for trucks and container set down.

Mr Dury said the 15 per cent site coverage and concrete hardstand with access from Jensen and Brookhouse streets providing the ability for trucks drive through was ideal for Bridgestone. “They wanted to be as close the port as possible and to TONYT RAGGATT 4722 4439 CHRISTIECHR ANDERSON 4722 4741 needed 10 to 15 per cent ( warehouse to site) ratio,” Mr Dury said.

“But sort of area.”

He said while businesses wanted to be close to the port they did not necessarily want to be in the port area, preferring the ease of access to routes south, west and north from Stuart. it’s hard to find site coverage in this this

ON A ROLL: Knight Frank Townsville agents Paul Dury, Mark Fitzgerald and Dan Place at the Bridgestone Earthmover Tyres site at Stuart which has sold for $ 4.5 million.