Wagners Holding Company has sold three industrial properties for a combined $43 million.
The big sell-off includes the sale of a 45,810 sqm site at 580 Alderley Street, Harristown, which is home to a concrete batching plant and three interconnected industrial buildings.
Wagner also sold a 6344sqm site at Potassium Street, Narangba and a 6846sqm property at Coolum Beach.
All three purpose-built industrial properties were sold on the condition that they were fully leased back to the ASX-listed Wagners on long-term leases.
Western Australia-based company Ascot Capital, which specialises in property development and facilities management across Australia, was the buyer.
The sale was completed through Morgan Ruig and Jonathan O’Brien of Cushman & Wakefield and Anthony White of Burcott Road Property Advisory.
Mr Ruig said the strong sale result reflected the depth of demand for portfolios offering both defensive income and sector-specific exposure.
“In this case, the construction materials sector is directly leveraged to population growth, infrastructure investment and the ongoing housing pipeline across South East Queensland, which continues to drive strong competition for assets of this nature” he said.
The portfolio’s geographic spread across Harristown, Coolum Beach and Narangba provides exposure to three distinct yet complementary industrial markets.
Mr White said the diversity of the properties and their improvements were key to the campaign’s success.
“This portfolio offers a rare combination of scale, income security and strategic positioning across some of Queensland’s most tightly held industrial corridors,’’ he said.
“Each asset plays a critical role within its respective market, from Toowoomba’s established industrial base through to the Sunshine Coast and Brisbane’s northern growth corridor, providing both geographic diversification and long-term relevance” he said.
Mr O’Brien said with the limited availability of suitably zoned land and increasing barriers to entry for specialised industrial uses, assets of this nature are becoming increasingly difficult to source.
“This sale reinforces the strength of Queensland’s industrial market, particularly across South East Queensland, where population growth, infrastructure investment and housing demand continue to underpin long-term fundamentals and drive capital into the sector,” he said.