Cadence expands footprint with $24 million Brisbane industrial sale to Charter Hall

Cadence expands footprint with $24 million Brisbane industrial sale to Charter Hall
Staff ReporterJul 6, 2016

Property group Charter Hall’s industrial fund has acquired an industrial site in Brisbane with a pre-lease in place for nearly $24 million from Cadence Property Group.

Cadence has secured a 10-year pre-lease with Agility Project Logistics and is building a warehouse covering 5,930 sqm at the site, which will complement the existing 5,222 sqm warehouse and office. Construction is due for completion in 2017.

The 2.485 hectare parcel at Eagle Farm Road in Brisbane’s Pinkenba was sold as a fund through to the $1.9 billion Charter Hall Prime Industrial Fund (CPIF).

The sale was negotiated by CBRE’s Ed Bull and Chris O’Brien.

Cadence director Charlie Buxton said the deal came on the back of a growing track record in the delivery of industrial and logistics facilities in Victoria. 

“This acquisition remains in line with the group’s focus on core locations, generic facilities and long term leases, whilst also providing the opportunity to welcome a new global customer to the portfolio,” said Paul Ford, Charter Hall head of Industrial.

The suburb of Pinkenba adjoins the Brisbane Airport and provides direct access to the Gateway Motorway.