Reece Plumbing becomes owner-occupier in Mansfield following $3,260,000 sale

BRISBANE, 12 October 2021 – Australia’s largest supplier of plumbing and bathroom supplies has made the switch from being a tenant to an owner-occupier after acquiring a showroom and warehouse in a tightly held Brisbane industrial precinct.

Reece Group has purchased their long-time leased property at 11 Secam Street in Mansfield in Brisbane’s south for $3,260,000 which they had occupied for over 17 years, reflecting a yield of 4%.

JLL’s Andy Carmody and Crew Commercial’s Corbin Crain and Clint Bott ran the Expressions of Interest campaign which generated over 100 enquires and 22 formal offers.

“With a severe lack of on-market investment opportunities available, and Mansfield being extremely tightly held and in-demand, the offering saw a large number of local and interstate investors submit offers to purchase, before the property was ultimately purchased by the tenant, Reece Group,” said JLL’s Andy Carmody.

The property covers an area of 3,008sqm and features a 799sqm prime-grade showroom, warehouse and trade counter. The low site coverage aspect provides further potential development upside, and the location provides access to key infrastructure and amenity.

Crew Commercial’s Clint Bott said the outcome was a great result for the seller who had owned the site for over 25 years. “The strong sale price and record yield illustrates the demand for high quality industrial assets in tightly held locations like Mansfield.”