Investors purchase assets leased to ASX subsidiary for $4.03M

TWO interstate investors from Sydney have purchased separate buildings in Queensland, both leased to the ASX subsidiary MaxiPARTS, for a combined total value of $4.03 million.

The same vendor sold 3/1927 Ipswich Road(above)  in Rocklea for $2.23 million on a 7.95 per cent yield and sold North Ipswich’s 27-29 Flint Street(below) for $1.8 million on a yield of 6.7 per cent.

The properties were successfully marketed and sold by Ray White Industrial Milton Sales and Leasing Agents Harry Egan and Matt Wray.

“The South East Queensland investment market continues to be incredibly popular with interstate buyers as investors continue to see the upside in the yields and opportunities available in our markets,” Mr Egan said.

“3/1927 Ipswich Road has been a site that was occupied by MaxiParts for over 10 years and benefits from being one of the only flood free 1,500sq m* properties in Rocklea.”

“The attractive yield, long-term tenure, and quality of the tenant offset the short amount of time left on the lease and presented a great opportunity for the buyer.”

“This was the third investment sale with MaxiPARTS in place as a tenant that we have transacted for our seller in the last 12 months. The buyers were attracted to the investments due to the quality of the buildings and strong covenants,” Mr Wray said.

“27-29 Flint Street benefited from being in the popular retail precinct of North Ipswich and MaxiPARTS occupy a purpose-built facility that was constructed back in 2003.

“The lack of similar leasing opportunities and suitability of the property gave the buyer comfort of the long-term tenure of the tenant.”

*Approximately.