INVESTORS QUICKLY SNAP UP VACANT LOTS

32 Commerce Place, Larapinta, which sold for $7.5m.

INVESTORS are increasingly willing to take a punt on quality vacant industrial properties confident of continued strong tenant demand, especially in the booming logistics sector.

In the first quarter of 2021, JLL‘s Shaun Canniffe and Sam Stewart sold three properties in Larapinta, Wacol and Richlands for a combined $16.4m.

Mr Canniffe said he had not known of a period where so many investors were prepared to buy vacant properties and risk finding suitable tenants.

“These sites were purchased by investors who viewed the industrial leasing market as positive and remaining so for some time,” he said.

“In fact during the sales process ... the vast overwhelming number of inquiries came from investors.”

A Sydney investor paid $7.5m for a warehouse and distribution centre at 32 Commerce Place, Larapinta, metres from the Logan Motorway at the entrance to the Motorway Business Park Industrial Estate.

On a 7886sq m site, it has a modern 4740ssq m freestanding concrete-tilt panel facility, as well as a 500sq m office area.

A Brisbane investor paid $3.65m for an office/ warehouse at 45 Industrial Ave, Wacol in a deal which also included Harry Homan.

The property features a 1573sq m office/warehouse, a 10T crane which runs the length of the warehouse, a huge 2600sq m concrete hardstand apron and more, all strategically positioned in a southern location with direct motorway access.

Also, a Sydney investor paid $5.25m for 3654sq m office/warehouse at 341 Freeman Rd, Richlands.

The building is on a 2.27ha site which include a sealed hardstand of 12,000sq m.