16 Industrial Avenue is a warehouse and office space leased to Brisbane City Council to accommodate its vehicle fleet maintenance operations. The asset has site improvements consisting of 639m2 office space and a 4,400m2 high bay portal framed warehouse. The site also has 8,782m2 of vacant land at the rear of the facility, accessible via a separate entry. The asset offers excellent connectivity via the Ipswich, Centenary and Logan motorways.
The decision was made to divest of the asset in FY20. Following a competitive EOI campaign, CBIC settled the sale on 13 November 2019 for $9.5 million. The buyer was Desane Group Holdings, an ASX-listed property investment and development company.