8 Ellerslie Road and 23-31 Meakin Road, Meadowbrook

8 Ellerslie Road & 23-31 Meakin Road, Meadowbrook

8 Ellerslie Road & 23-31 Meakin Road, Meadowbrook consists of three modern, high-quality industrial buildings which collectively measure 5,872 sqm. Acquired 100% occupied, Precept was attracted to the land constrained market, and scope for material rental reversion.

Acquired through a confidential off-market process, the asset benefits from the high-quality built-form, functional design, fantastic access characteristics and nearby infrastructure.

ACQUISITION DATE

Dec 2023

PROPERTY TYPE

Industrial

GROSS LETTABLE AREA

5,872 sqm

SITE AREA

10,230 sqm

KEY CHARACTERISTICS

Major Infrastructure Node: The property is proximate (600 metres) to the Logan Motorway which, in turn, connects to the M1 Motorway (6 kilometres). Major nearby infrastructure includes the Logan Hospital (1 kilometre), TAFE Queensland Loganlea Campus (1 ½ kilometres).
Low Vacancy, Low Supply: Meadowbrook is a substantially “built out” industrial pocket in Brisbane’s ‘M1 Corridor’ industrial precinct. The precinct registered a vacancy rate of just 0.4% in the first half of 2023.
Significant Rental Reversion: Our view is the estate is currently leased approximately 20% below market. We expect the property will generate distributions in the order of 7.4% to 7.7% (assuming no early lease renewals) when all current tenants have been reset in year 6.