COMMERCIALNEWSQLD

Colliers seals multimillion dollar Queensland deals

Colliers has negotiated two multimillion dollar commercial deals in Queensland, including a record-breaking $22 million industrial sale, and the acquisition of a rare residential in-fill site.

On the Sunshine Coast, a major Coolum industrial property tenanted by a blue-chip international tenant sold for $22 million in the largest industrial investment sale in the region for the past 10 years.

The sale was achieved via an expressions of interest campaign by Colliers International’s Nick Dowling, Simon Beirne and Sam Riley.

The property, located at 15 and 17 Dacmar Rd, is fully occupied by Weir Minerals, a global UK-based mining group with annual turnover of more than $3.7 billion. The company has occupied the site since 2010 and recently expanded its operations.

Weir Minerals currently has a 10-year lease on the property until 2030, plus two five-year options, offering the purchaser a 9.4-year WALE on the asset with an annual net income of $1.28 million.

Mr Beirne, also the Colliers Queensland state chief executive, said the sale highlighted the trend of major capital investment opportunities currently being sought in regional locations.

“The sales and logistics market is receiving significant attention at the moment, with all capital sources confident in the performance of this asset class over the near term,” he said.

“Covid-related lockdowns and undersupply of product has seen a great deal of attention being directed towards this real estate asset class.”

Brisbane-based Turrisi Properties purchased the 1.49ha in-fill development site at the northside suburb of Taigum, for $5.15 million, in an off-market transaction negotiated by Colliers senior executive Jason Dao.

The family-owned and multi award-winning developer has lodged a development application for a 26-lot subdivision of the property at 287 Church Rd.

Established in 2000, Turrisi Properties founder and managing director Gaetano Turrisi has delivered more than 6000 residential lots and residences to South East Queensland in the past 35 years, worth in excess of $2 billion.

“This is a very rare gem and probably one of the best last remaining development sites in Taigum, which is now an established suburb with very limited land supply,” Mr Dao said.

The elevated site is adjacent to parklands, surrounded by large established homes and close to shopping centres and local schools.

“The landowners were constantly being contacted or approached by developers and other agents on a regular basis to try and extract a potential sale,” Mr Dao said.

“We worked closely with Turrisi Properties and built a strong relationship with the landowners until they were ready to sell and, as a result, we were able to structure a deal where both parties were happy to sign a contract.”

Show More

News Room

If you have any news for the Real Estate industry - whether you are a professional or a supplier to the industry, please email us: [email protected]

Nicole Madigan

Nicole Madigan is Senior Journalist and Content Producer for Elite Agent.