$60m off-market brownfield industrial acquisition in Brisbane boosts Charter Hall and PGGM I&L portfolio to $560m
Share this page
LINKEDIN
FACEBOOK
TWITTER
EMAIL
2 mins
Share
By proceeding you confirm that you are a resident of Australia or New Zealand accessing this website from within Australia or New Zealand and you represent, warrant and agree that:
- you are not in the United States or a “U.S. person”, as defined in Regulation S under the U.S. Securities Act of 1933, as amended (“U.S. Person”), nor are you acting for the account or benefit of a U.S. Person;
- you will not make a copy of the documents on this website available to, or distribute a copy of such documents to, or for the account or benefit of, any U.S. Person or any person in any other place in which, or to any other person to whom, it would be unlawful to do so; and
- the state, territory or province and postcode provided by you below for your primary residence in Australia or New Zealand are true and accurate.
Unfortunately, legal restrictions prevent us from allowing you access to this website. If you have any questions, please contact us by e-mail by clicking on the link below.
Charter Hall Group (Charter Hall or the Group) is pleased to announce that its wholesale PGGM Industrial Partnership (the Partnership or CHPIP) has acquired a 1.56ha premium inner brownfield industrial site in Queensland for $60 million off-market, reflecting a 4.4% equated yield with minimum annual rent reviews of 3%.
The property, at 66-98 Montpelier Road, Bowen Hills, presents an attractive, land-rich investment in one of the country’s key last mile markets, underpinned by strong tenant covenants and long-term redevelopment opportunities with its flexible, mixed-use zoning.
Conveniently located just 2.5 kilometres north-east of Brisbane’s CBD, this 15,600 square metre (sqm) asset presents 120 metres of street frontage and GLA of 9,534 sqm across four buildings. It is currently used for industrial purposes with multiple quality tenants including Sime Darby, Tradelink, Mine Site Technologies and Corporate House Services and presents a WALE of 4.4-years.
Charter Hall Chief Investment Officer, Sean McMahon, said, “This Bowen Hills property is a strategic inner brownfield asset surrounded by high quality residential and commercial uses and has potential to be developed into higher and better uses in the medium term. This site is also well positioned for last mile or multi-level strategies in the future, providing multiple redevelopment scenarios.”
“This acquisition diversifies CHPIP’s partnership nationally, with high profile tenant customers such as BMW, Coca Cola, Mazda, CEVA, Ingham’s and Australia Post.”
Montpelier Road’s tenancy and strategic use is in line with CHPIP’s “Create-Core” investment thesis, offering potential for significant capital benefits based on location, prominence, flexible zoning and attractive mixed-use opportunities.
Charter Hall Managing Director and Group CEO, David Harrison, said, “The CHPIP partnership commenced in 2019 and has consistently invested in high ‘land-rich’ assets with excellent redevelopment prospects and strong market fundamentals in each location.”
“CHPIP’s portfolio has expanded to approximately $560 million and is currently performing due diligence on the $1.6 billion Irongate (ASX:IAP) portfolio.”
66-98 Montpelier Road, Bowen Hills was secured off-market with Blue Commercial.
Related News
Western Sydney International Airport partners with Charter Hall to deliver new Business Precinct
Read more
Charter Hall and Healthy Heads in Trucks & Sheds extend partnership to launch nutrition pilot program for warehouse workers
Read more
Charter Hall has commenced main works construction at its $1.8 billion Chifley South development
Read moreTalk to us
Thanks for your interest in Charter Hall. Fill in your details below and we’ll get back to you as soon as possible.
I am interested in
Enquiry
*Indicates that this field is required.
All personal information submitted will be treated in accordance with our privacy policy.
By registering and/or submitting personal data to Charter Hall, you agree that, where it is permitted by law and in accordance with our Privacy Statement or where you have agreed to receive communications from us, Charter Hall may use this information to notify you of our products and services and seek your feedback on our products and services. Please note you can manually opt out of any communications.
Talk to us
Thanks for your interest in Charter Hall. Fill in your details below and we’ll get back to you as soon as possible.
I am interested in
Enquiry
*Indicates that this field is required.
All personal information submitted will be treated in accordance with our privacy policy.
By registering and/or submitting personal data to Charter Hall, you agree that, where it is permitted by law and in accordance with our Privacy Statement or where you have agreed to receive communications from us, Charter Hall may use this information to notify you of our products and services and seek your feedback on our products and services. Please note you can manually opt out of any communications.
-
© Charter Hall Group, 2024.
- Terms of Use
- Privacy Policy
- Complaints Guide
- Feedback
