EG has finalised the sale of 140 Wecker Road, Mansfield QLD, a high-quality multi-let industrial estate, for $53 million, demonstrating strong market demand for infill industrial assets and the success of our active management strategy.
EG acquired the asset in March 2021, with a clear strategy focused on improving WALE and tenant occupancy through concentrated asset management. The strategy centred on uplifting rents and implementing staged refurbishments as leases expired to enhance the property’s functionality and appeal as a long-term hold for an institutional investor. This approach drove a significant uplift in the asset’s rental profile, resulting in a substantial valuation increase over the hold period and delivering an internal rate of return (IRR) of 20% for investors.
The property comprises 24 industrial units across 13,165sqm of gross lettable area on a 23,860sqm land holding. It is fully occupied by a diverse tenant base, reflecting strong market fundamentals and consistent tenant demand.
Mansfield is a well-established infill industrial precinct located in close proximity to the Brisbane CBD and strategically underpinned by excellent transport connectivity. The asset benefits from direct access to the Gateway Arterial and the M1 Pacific Motorway, along with close proximity to both the Port of Brisbane and Brisbane Airport, making it highly attractive to a broad range of industrial occupiers.
The sale was executed via a highly competitive on-market Expressions of Interest campaign, managed jointly by Ben Lyons and Matthew Frazer-Ryan at CBRE and Elliot Ryan and Ben Hatch at Knight Frank.
“This result demonstrates the value that can be created through disciplined, hands-on asset management,” said Roger Parker, Managing Director at EG. “By actively repositioning the asset, improving occupancy and capturing market rental growth, we were able to deliver great results for our investors while capitalising on favourable market conditions.”
“The property was competitively bid for from prospective purchasers given the multiple opportunities for a future owner to continue to extract value and demonstrates the forecast continued growth in the Brisbane industrial market,” said EG Capital Transactions Manager, Edward Hillier.
The transaction reinforces EG’s track record of executing targeted value-add strategies and delivering strong outcomes across its industrial portfolio.