Clarence Property sells two Brisbane industrial assets for A$38.4m
Real Estate Source reports Clarence Property sold industrial assets in Richlands and Northgate, Brisbane, for a combined A$38.4m.
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Clarence Property has sold two Brisbane industrial investments for a combined A$38.4m, according to a Real Estate Source report published on 6 November 2026 by Marc Pallisco. The assets are in Richlands, 15 km south-west of the CBD, and Northgate, in the city’s north.
Why it matters
Real Estate Source reports that both assets sold at yields of 5.12%. The outlet says Clarence described the disposals as part of its portfolio management strategy, and attributes that description to chief executive Simon Kennedy.
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The seller manages assets worth about A$950m spread over office, retail, industrial, aged care and residential holdings in south-east Queensland and northern New South Wales, the outlet reports. The outlet calls both yields low, which is the pricing signal for Brisbane industrial agents and investors, but the report does not say what Clarence plans to do with the proceeds.
The Northgate broker, Michael Callow of CG Property Group, told the outlet that Northgate and neighbouring Banyo have recently recorded several transactions in the A$20m to A$25m range. That is his characterisation, and we have not checked it against sales records.
The numbers
The Richlands asset, 18 Macgregor Place, sold for A$22.5m to PI Macgregor Pty Ltd, a company registered at the property address, per Real Estate Source. The 7,669 sqm office and warehouse sits on a 1.38 hectare site and has two tenants: automotive parts distributor MaxiPARTS and logistics operator TVS Supply Chain Solutions. It was held in the Clarence Property Diversified Fund. Knight Frank’s Mark Clifford and Elliot Ryan handled the sale.
Clarence acquired the Richlands site in 2021. The outlet reports the land cost A$5.5m and the completed development was valued at A$17.3m, which sits below the A$22.5m sale price.
The Northgate asset sold for A$15.9m to a Sydney-based investor. It is a 4,651 sqm logistics facility, with Provet as tenant. Provet distributes veterinary supplies and is a subsidiary of US-listed Henry Schein. Clarence paid A$8.475m for it in 2017, the outlet reports. Callow said the buyer was attracted by the prospect of rent and capital growth across the next three to five years, with the lease approaching expiry.
The two prices add to the A$38.4m headline figure: A$22.5m plus A$15.9m.
What’s next
Real Estate Source does not say what Clarence will do with the proceeds, and no settlement or title record for either sale was seen for this story.
Related reading: Brisbane Airport industrial land release.
Quick answers
Who bought two Brisbane industrial assets for A$38.4m in Queensland from Clarence Property?
Real Estate Source reports Clarence Property sold industrial assets in Richlands and Northgate, Brisbane, for a combined A$38.4m.
What are the key numbers in this story?
combined price: A$38.4m; Richlands sale: A$22.5m; Northgate sale: A$15.9m.
Where does this information come from?
This story cites Real Estate Source. Every source is linked on the page.
On the record
Own arithmetic: the reported A$22.5m (Richlands) and A$15.9m (Northgate) prices sum to the A$38.4m combined figure.
Our data · realestatesource.com.au
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- Real Estate SourceClarence cashes out of Brisbane industrial pair for $38.4m
Filed by the AusDev Queensland Desk. How we report.