Subdivision and Rental Reversion - Sunshine

Sunshine — Industrial Landbank & Reversionary Income Play

*Suburb: Sunshine · Full address available on enquiry*

Snapshot

- Two industrial buildings on one title — 9,071 sqm* landholding, 4,132 sqm* combined building area
- Purchased fully leased to two established industrial tenants
- Purchase price: **$7.42M**
- Combined passing rent at acquisition: **circa $435,000 pa** ($190,000 + $245,000)
- Built-in reversion on one tenancy: **$245,000 → $325,000 pa**
- Outcome: land subdivided, now being brought to market in the **$12M–$13M** range

## The opportunity

BRYX identified this Sunshine industrial holding as a landbank play hiding behind a fully-tenanted, cash-flow-positive facade. Two functional industrial buildings sat on a single 9,071 sqm* title with substantial frontage — the kind of underlying land value that gets overlooked when a market is focused purely on passing yield.

At $7.42M, the asset was acquired fully leased, returning a combined $435,000 per annum across two established industrial tenants. One of those leases carried a structural reversion — rent stepping from $245,000 to $325,000 per annum — meaning meaningful income growth was already locked in before BRYX took any active steps.

## The strategy

Rather than hold the asset as a simple buy-and-collect investment, BRYX moved to subdivide the landholding — unlocking the two buildings onto separate titles and converting a single fully-leased asset into a more liquid, more valuable holding structure. This is the landbank thesis in action: the land underneath a tenancy is often worth more, split and sold, than the rent roll sitting on top of it.

## The outcome

Following subdivision, the property is now being brought to market with an expected sale price in the range of **$12M to $13M** — against a $7.42M purchase price. It's a clean example of BRYX's approach: buy for income and land value together, then execute the value-add that the market hadn't priced in.

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