- Desane Properties has entered an unconditional contract for the purchase of a 21,750 square metre industrial property located in Wacol, Brisbane
- Desane purchased the property for $9.5 million from the City of Brisbane Investment Corporation
- Desane is confident the acquisition will provide long term revenue streams and future value-add opportunities
Desane Properties has entered an unconditional contract for the purchase of a 21,750 square metre industrial property located in Wacol, Brisbane.
Wacol is located approximately 18 kilometres from central Brisbane. It is an established industrial suburb that offers direct access to high-quality road networks.
Currently, it’s home to a number of nationally and internationally recognised corporations.
Desane purchased the property for $9.5 million from the City of Brisbane Investment Corporation. It is being leased to the Brisbane City Council on a 10 years + five years + five years lease, with the initial 10 year term expiring in June 2022.
“As an initial investment for Desane in the Brisbane industrial property market, this acquisition is a quality addition to our company’s diversified property portfolio and will provide long term revenue streams and future value‐add opportunities,” Desane Head of Property Rick Montrone said.
Desane is a Sydney-based property investment and development company. Just last month it announced receiving government approval to develop 46 residential apartments across the Leichardt suburb in Sydney.
The company’s ongoing focus is on creating valued returns for its shareholders by transforming “add value” opportunities into long term earnings and growth.