Owner occupier Hitek Glazing has sold a 3,302sqm industrial facility in Narangba for $6,000,000, excluding GST. CBRE Dillon Murphy and Hugh Adnam sold the property at 14 Business Drive Narangba. 

CBRE Dillon Murphy and Hugh Adnam, who sold the property to the vendor in 2016 with vacant possession, negotiated the sale and lease back of 14 Business Drive with commercial buyers agent Damien Holliday from Prosper Group who was representing the purchaser.

The deal was signed with an annual rental of $360,000 (net) plus GST across a five-year term, with two five-year options.

Mr Murphy said that due to a lack of stock in the market, Mr Holliday was having trouble finding an appropriate investment property for his client.

"Working collaboratively, our team identified 14 Business Drive as a potential site,” Mr Murphy continued.

“Due to weight of capital in the investment market we were able to secure a strong sale price on a sale and leaseback structure – reflecting strong market demand for quality industrial stock.”

Mr Holliday said that there was a genuine lack of good quality industrial investments available and strong demand from investors.

“It was a great advantage for our client to purchase this off market property without having to compete on an open market campaign,” Mr Holliday continued.

To request a detailed sale analysis please email either of the marketing agents Dillon Murphy or Hugh Adnam CBRE via the contact forms below.