A fully-leased freehold industrial property boasting two well-established tenants has sold off-market for $1.85M in Caboolture at 72 Lear Jet Drive.
The asset, that came with a 2,458sq m* land area and 978sq m* building size, was bought by a local investor.
The site was sold by Ray White Commercial Northern Corridor Group Principal Chris Massie and Senior Sales Executive Ashely Rees.
Mr Massie said the 72 Lear Jet Drive sale was the latest in a string of off-market investment transactions completed by the duo.
“We’ve seen over $10m of property change hands at Caboolture’s Corporate Park estate in the last 18 months,” he said.
“The 10-year-old property was purchased off-market by the adjoining owner, following the recent renewal of the majority tenant in the complex.”
Mr Rees said the sale reflected a yield of seven per cent at a rate of over $1,890psqm.
“The sale provides further confidence to the increasing number of speculative developers beginning to eye the Northern Corridor as a viable alternative to tighter held inner-city precincts,” he said.
“The lack of functional stock from Narangba to Caboolture has left so many local businesses bursting at the seams, that there’s some real low-hanging fruit available for those developers willing to bring buildings out of the ground.”
The first stage of Corporate Park East at Caboolture will be the first time sub-$300sq m land has been released in the area since the mid 2000’s.