Investor uncovers rare Rocklea office gem
A local investor has purchased a rare Rocklea office and warehouse complex for $8.5 million in a deal secured by LJ Hooker Commercial Brisbane’s western specialists Chris Stewart and Grant Brix.
Tamawood L Pty Ltd, trading as Dixon Homes, is the anchor tenant in the facility, in an effective 10-year leaseback of $650,000 net per annum. The purchase reflects an initial yield of 7.4 per cent.
The unique property at 1821 Ipswich Road Rocklea was sold on behalf of a long-standing investor seeking to take advantage of the strong investment market throughout South East Queensland.
Dixon Homes was a multifaceted residential construction company that has been servicing greenfield markets around Australia for more than 50 years. It is regarded as an industry leader in both technology and off-the-plan construction. The continued population growth of both the metropolitan and regional areas of South East Queensland has allowed Dixon homes to commit to the premise on a long-term basis.
With Rocklea’s location at the nexus of the M1 and Ipswich Motorway, the site has been ideally positioned to enable staff to access Dixon Homes’ construction projects and estates throughout SEQ, as well as connect with materials suppliers located locally.
“Rocklea is primarily an industrial precinct,’’ said Mr Stewart. “There are few opportunities to invest in a high exposure site with 6500sqm of office floor space in Rocklea. In fact, the office component is around four times the size of the warehouse. Tamawood L has understandably been eager to commit to an area where they already have vested and future interests.
“Additionally, fronting Ipswich Road, the property has exposure to approximately 50,000 cars per day. With future development opportunities on the site on offer for the purchaser, this exposure was very appealing.”
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