60 Grindle Road, Wacol

Overview

The property features a ~9,000 square metre warehouse on ~45,000 square metres of land. The location in Wacol provides outstanding connectivity to three arterial roads – the Centenary Highway, Ipswich Motorway and Logan Motorway – enhancing the ability for occupiers such as Vesco to service the South East Queensland and interstate markets. There are also sixteen other food manufacturers in Wacol, and other major companies including Volvo, Bridgestone, Penske and Komatsu.

The tenant, Vesco, was founded in 1974 and is a leading manufacturer of ready-made meals. Brands it owns or licences include Lean Cuisine, On the Menu, Super Natural and Annabel Karmel; and its key clients include Woolworths, Coles, IGA, Aldi, a variety of restaurant chains, as well as food-service companies.

Property Information

  • Building typeIndustrial
  • Year built1980
  • TitleFreehold
  • Metro areaBrisbane South West
  • ZoningLow Impact Industry Zone
  • Site area (hectares)4.5
  • Site coverage (%)19.8
  • Lettable area ('000sqm)9.0
  • Lettable area adjusted for ownership ('000sqm)9.0
  • Number of buildings1
  • Car parking spaces70
  • OwnerADI
  • Ownership (%)100
  • Major tenantVesco
  • Acquisition dateSeptember 2019
  • Book value at ownership ($m)25.3
  • Independent valuation dateJune 2021
  • Independent valuation at ownership ($m)25.3
  • Market cap rate (%)6.50
  • Leased by area (%)100
  • Weighted lease term by income (years)7.5
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