Dexus Sells Brisbane Logistics Facility for Nearly Double the 2014 Purchase Price
A north Brisbane logistics facility has been sold by Dexus for $34.75 million, almost double the amount it was purchased for in 2014. The 1.9 hectare property, located at 7-9 French Avenue, Brendale, was acquired by Sydney-based Livdale Properties, which is believed to have ties to the Livingstone Superannuation Fund. This transaction reflects a net passing yield of 5.5 per cent.
In 2014, the property was sold to AMP Capital’s Wholesale Australian Property Fund for $18.65 million, generating a 7.8 per cent return. Dexus acquired the property as part of its 2023 purchase of AMP Capital’s domestic real estate and infrastructure equity business, which resulted in the Wholesale Australian Property Fund being rebranded as the Dexus Wholesale Australian Property Fund.
Located 22 kilometres from the central business district, the 7-9 French Avenue property was completed in 2012 and spans 12,283 square metres. It is currently leased to Ball & Doggett, a distributor of paper, packaging, and visual communications products. As of July, the weighted average lease expiry was 3.5 years, with rent reviews tied to the Consumer Price Index (CPI) and a minimum floor of three per cent.
The facility features a 11,721 square metre warehouse with a 12 metre clearance at its apex, serviced by 12 on-grade roller shutter doors, including five that front French Avenue. Additionally, the warehouse has recessed loading docks, two dock levellers, and an ESFR sprinkler system throughout. The gated site is accessible via three crossovers with heavy-duty hardstand areas.
Recent activity in the local market includes the acquisition of neighbouring Brendale sites by Macquarie Asset Management-backed LogiSPACE, which plans to develop a 35,207 square metre business park. This deal was reported by realestatesource.com.au less than two months ago. The vendor, Unison Projects, had assembled the holding over a period of three years.
In other recent transactions, the Scifleet family sold a 16.2 hectare property in the suburb in May, which included a Toyota pre-delivery centre and turf farm. In February, Aldi recommitted to its Brendale distribution facility, held by Charter Hall’s Prime Industrial Fund. Meanwhile, the City of Moreton Bay sold the former Albany Links Golf Course in Brendale to the owner of the neighbouring Eatons Hill precinct late last year. The 7.95 hectare site is zoned for Recreation and Open Space, limiting its development potential to community use and associated commercial purposes.
