PEET & Company has bought five office and service industry properties in Brisbane for $19 million and set up the Peet Income Property Fund for the purpose.
The five properties are based in the Brisbane Technology Park at Eight Mile Plains about 15 kilometres south west of the Brisbane CBD.
The company plans to offer the five properties to investors through a property trust.
The five properties are freestanding office and service industrial building developments which are on long-term leases to secure tenants.
They show a yield of 8.5 per cent.
Peet managing director Warwick Hemsley told the Australian Stock Exchange that the move into funds management was in line with offering investors a wider range of choice.
The company also has a number of residential projects in Queensland including the development of a new 1,200-lot masterplanned residential land estate at Warner in Brisbane’s north and a 1,000 lot estate at Caboolture north of Brisbane.
