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News release


24 Bluestone Circuit sells for $2.315million: Jones Lang LaSalle

AUSTRALIA, 27 August 2012 – Jones Lang LaSalle’s Industrial team of Shaun Canniffe and Chris Cash have sold 24 Bluestone Circuit for $2.315million, in a nod to the strengthening demand for quality industrial investment stock.

Jones Lang LaSalle’s Shaun Canniffe said the 24 Bluestone Circuit in the flagship MetroWest Business and Technology Park at 17 Mile Rocks, was a high quality industrial investment property with a strong covenant and solid income stream, however it had been on the market for some time through a number of agents.
“Once the second tenant DDH1 Drilling Pty Ltd was committed, joining John Holland Communications (subsidiary of Leighton Holdings) the sales landscape changed, and the property became a hot offer in terms of industrial investment,” he said.
“With both tenants on relatively new 3 year lease terms with further options (creating a current passing rent of $199,968pa net), we immediately ran a four week offers-to-purchase campaign which attracted a substantial amount of enquiry.”
Canniffe said the majority of enquiry fielded was from passive investors looking for modern buildings with quality tenants.
“All interested parties spoke of the lack of investment grade stock available in the Brisbane market, a trend flagged by Jones Lang LaSalle’s industrial team in various white papers.”
“We received a number of offers at the close of the campaign with three parties entering into a second round of offers, before a local private investor emerged as the successful purchaser. It was a strong campaign showing the depth of demand for stock in Brisbane.”
At 24 Bluestone Circuit the 1298sqm building was completed in October 2010 and features two industrial office/warehouse units on one title – a 2991sqm allotment equating to 43% site cover.
MetroWest Business and Technology Park has been the beneficiary of strong tenant, owner occupier and investor demand with only one lot remaining for sale and every completed building within the estate committed.