Singapore-listed Mapletree Logistics Trust has expanded its presence in Brisbane with the acquisition of a newly-built Inala logistics facility for $21.25 million. 

Paul Burns of Fitzroys and Justin Clarke of McGees Property negotiated the off-market deal on behalf of 115 Rudd St Pty Ltd. 

The purchase is MLT’s second logistics facility in Brisbane and expands the trust’s footprint in Australia to 11 assets with a combined 277,115sqm gross floor area. 

At a glance: 

• A logistics facility at 115 Rudd St, Inala has been sold to Mapletree Logistics Trust for $21.25 million in an off-market deal.
• The purchase is MLT’s second logistics facility in Brisbane and expands the trust’s footprint in Australia to 11 assets with a combined 277,115sqm gross floor area. 
• The deal was brokered through Paul Burns of Fitzroys and Justin Clarke of McGees Property. 

Comprising a single-storey ambient warehouse with annexed office and showroom, the property has a total floor area of around 9,050sqm on an 18,801sqm site. 

It serves as the national headquarters of Decina Bathroomware, on a 10-year lease with annual rent increases. 

Mr Burns said the property presented a rare brand-new, high-quality facility, well-located close to major transport routes, and with a long lease to a quality tenant that offered a reliable long-term income source. 

“Securely-leased investments have a long and growing queue of buyers," he said.

"There is a distinct possibility that securely-leased investments will in fact attract firming yields as property investors become more narrow in their mandate to buy passive property.

“This growth path for property investors has been laid out more clearly in recent months as demand for more efficient delivery and for a bigger range of products has fast-tracked the requirements for logistics and distribution systems and facilities. 

“After a period of growth, the industrial and logistics sector has proven to be not just resilient in the COVID-19 environment, but a standout performer, and is expected to go from strength to strength.” 

The strategically-located warehouse is well-connected to the Brisbane CBD, the Gold Coast and Queensland major population bases, Brisbane Airport and Port of Brisbane via major road arterials including Boundary Road, Ipswich Motorway, Centenary Highway and Logan Motorway. 

Completed in May, the A-grade property features a minimum clearance height of 10m, floor loading capacity of 30kPa and is column-free. 

Decina is Australia’s largest specialist bath, spa bath and shower manufacturer with an international footprint, serving markets in the Middle East, Europe and Asia. 

Mr Clarke said the negotiations had navigated COVID-19, meaning the transaction would serve as a precedent in the current market, with Brisbane’s fast-growing logistics sector supported by healthy long-term fundamentals, including population growth, an increasing proportion of the population of working age, resilient domestic consumption, and major transport route accessibility. 

“Brisbane’s logistics market will benefit from several major infrastructure developments, which include a second runway at Brisbane Airport, upgrades to Brisbane Port and the $10 billion Inland Rail freight line running between Melbourne and Brisbane which has been fast-tracked by the Federal Government,” he said. 

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