Altis Buys Cullen Avenue West Property in the Northshore Hamilton Priority Development Area

Altis Property Partners has acquired its second large-form industrial investment for $32.25 million in the Northshore Hamilton Priority Development Area.

The site on Cullen Avenue West is part of the Trade Coast precinct, one of the largest employment sites and sought-after locations in Queensland. Spanning 12,032 square metres, the property’s tenants include Freedom Fuels, Scout Aerial Services and Plastral. 

Altis intends to upgrade the business park in time for the Brisbane 2032 Olympics and make it available for more tenants. This was the key reason for the company’s decision to secure the asset because of its benefits in the future.

“One of the key characteristics which attracted us to this asset is the benefit from the future infrastructure investment in the precinct,” Gareth Price, the Director Capital Transactions at Altis said. “The Northshore Hamilton Priority Development area will undergo a major transformation into a vibrant, mixed-use precinct. This new industrial acquisition fits within our strategy of buying in core markets, centrally and conveniently located to employment hubs, with access to key infrastructure.”  

“We are thrilled to add this asset to Altis’ diversified AREEP4 fund due to its diversified income and near term positive rental reversion opportunity due to the short weighted average lease expiry (“WALE”),” James King, the Director Investment Management and Capital said. “This acquisition reflects the exact type of asset the fund is targeting with the ability to access value by increasing the net rental income and extending the WALE in a tightly held precinct with the lowest vacancy rate of c0.6% in the Brisbane industrial market. Despite the headwinds caused by the inflationary environment we find ourselves in, we feel strong supportive fundamentals remain for the industrial sector at the right entry prices.”

It comes a few months after Altis also acquired a 9.03-hectare industrial investment in Western Australia and a Build-to-Rent project in Melbourne.

Published 4 March 2023