One lucky buyer has come out on top to secure Golden Casket’s distribution centre situated on Brisbane’s fringe.
Selling for $5.2 million, the facility at 29 Turbo Drive, Coorparoo, was purchased by Tom Howard Group in an off-market deal brokered by Ray White Commercial Queensland agent Sam Parker.
The 2,860-square metre block features a recently refurbished corporate office space, high bay warehouse, and 22 onsite car parks. Industry sources place the annual rental income at roughly $200 to $220 per square metres net. It will continue to be occupied by Golden Casket, as the lottery corporation negotiated a lease renewal with the new owner shortly after the sale, with assistance from Cushman & Wakefield’s David Gibson.
Situated in the southern enclave of Coorparoo, which has been experiencing rapid development in the previous few years, the property’s proximity to the inner city was a major attractor to the buyer, according to Mr Parker.
“The buyer was attracted to the quality of the building and near-city location approximately 3km from the Brisbane CBD,” Mr Parker said.
“The sale realised an initial 5.33 per cent yield, however, with an approaching lease expiry, the buyer was able to harness further rental uplift by negotiating a new lease with the tenant that will come into effect later in the year.”
The Queensland arm of Australia’s official lotteries, The Lott, Golden Casket has been operating in the Sunshine State since 1917. Once operated by the Queensland government, the management of the operation was sold to gambling company Tattersall’s Limited for $530 million in 2007, though the government retains ownership.
ABOUT THE AUTHOR
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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