EG is pleased to announce the successful sale of 28 Flint Street, Richlands, for $33.5 million, achieving a 27% IRR and representing a strong outcome for investors from a newly completed modern logistics facility.
The property was originally acquired by EG as vacant land under a development agreement to deliver a purpose-built logistics facility. Practical completion was achieved in March 2023 and the property was swiftly leased to global logistics giant Maersk providing a stable income stream and long-term tenant security.
The near-new facility comprises a 12,211sqm premium office and warehouse facility on a 30,867sqm landholding within one of Brisbane’s most tightly held and high-performing industrial precincts. The asset benefits from direct connectivity to the Ipswich Motorway, Centenary Highway and the Acacia Ridge Intermodal Terminal, providing efficient access to key freight and distribution networks across Brisbane and beyond.
28 Flint Street comprises high-clearance warehousing, modern construction, and comprehensive loading infrastructure.
Chris Pak, Managing Director and Chief Investment Officer at EG, said: “The sale of 28 Flint Street reflects the ongoing depth of capital seeking well-located, high-quality logistics assets with secure income profiles. Assets of this calibre continue to attract strong interest, particularly where there is clear potential for future rental growth supported by location and tenant quality.”
The asset was sold via a highly competitive Expressions of Interest campaign by Colliers’ Gavin Bishop, Sean Thomson, David Brisk and Nick Evans and Mark Gilbride and Michael Callow of CG Property.
The successful disposal reinforces EG’s disciplined investment approach and demonstrates the team’s capability in executing its strategy across the investment lifecycle. By delivering a positive outcome on 28 Flint Street, EG continues to focus on assets that provide secure income, quality construction and strong tenant covenants.