Gateway Capital forges into Queensland with $72m swoop on Geebung industrial asset

Gateway Capital has bought 405 Newman Road, Geebung.

Logistics real estate company Gateway Capital is expanding its newest investment vehicle, which it is aiming to grow into an $800m portfolio focused on core property, and has picked up an asset in Brisbane’s northern suburbs.

The firm’s Gateway Capital Industrial and Logistics Partnership, which launched with seed assets in Sydney and Melbourne, has now forged into Queensland with the deal.

Gateway bought the asset in Geebung from funds house QIC for $72.5m, with the purchase taking their partnership’s assets to $259m.

The investment vehicle, between an Asian sovereign wealth fund and Gateway, has the capacity to buy more assets.

Cushman & Wakefield’s Gary Hyland handled the sale.

Gateway Capital co-founders Stuart Dawes, left, and Peter McDonald.

The complex at 405 Newman Road is a recently completed, prime multi-tenanted industrial estate in a tightly-held industrial precinct about 12km north of the Brisbane CBD. The prime-grade industrial and logistics facility spans 22,248sq m of net lettable area across a 3.5ha site.

The property has full-height concrete panels, internal clearance of about 12.2m and extensive awnings of 12.5m in length over all loading zones. It is purpose-built to meet the demands of modern logistics and industrial occupiers and comprises 12 high-quality units, 91 per cent of which are leased to nine tenants.

Geebung is a core in-fill industrial market near major arterial roads including Sandgate Road, Gympie Road and the Gateway Motorway, providing direct access to Brisbane Airport, the Port of Brisbane and the broader metropolitan network.

Geebung has attracted a strong mix of national and global occupiers, including Australia Post, Knauf, Linfox Transport and Boeing Australia, locking in its position as one of Brisbane’s premier industrial and logistics locations.

Gateway chief investment officer and co-founder Peter McDonald cited the attraction of the site to top tenants. “With an average tenancy size of approximately 2400sq m, the estate offers a diversified tenant mix and strong potential for rental uplift in the medium term – driven by sustained occupier demand in the region,“ he said.

“This asset is less than two years old and is exactly the type of asset that Gateway Capital will continue to either acquire or develop,” he said.