The property will be a 6,994 square metre logistics facility within the Gracemere Industry Park, and will include administration offices, a high clearance warehouse, concrete paved driveways and truck manoeuvring/marshalling areas.
The facility will be constructed for transport provider Toll NQX, part of the listed Toll Holdings (Toll Group), and will be developed by the Gibb Group.
Toll Holdings has committed to a 12-year lease with two five-year options and fixed rental increases of 3.75 per cent per annum.
Construction will begin in November 2013 and is expected to be completed for April 2014.
Charter Hall’s head of direct property, Richard Stacker, said DIF2 has received strong investor interest, with the fund recently closing as a result of being oversubscribed a year ahead of its target closing date, and has the capacity to grow to $200 million.
Mr Stacker said this acquisition is the fifth asset to be added to DIF2’s industrial portfolio and that a sixth asset could be acquired soon.
“The acquisition of the Toll NQX facility is a great fit for DIF2 given the new 12-year lease to Toll and the property’s strategic location 15 kilometres south west from the Rockhampton CBD, with direct access to the new $50 million Gracemere Capricorn Highway overpass bridge,” said Mr Stacker.
He said this would allow the facility to service Queensland’s expanding mining operations, with the Bowen, Surat and Galilee Basins all located within a 400-kilometre radius, and the Gladstone port only 110 kilometres away.
The acquisition will increase DIF2’s current portfolio to $135 million and its weighted average lease term to 12 years. Other major tenants in the portfolio include Australia Post, Coles and OneSteel.
