Your time is your inventory. The last thing you need is to work up an introduction, brief your client, and then discover the buyer was never a fit. So rather than make you guess at our appetite, I’ll set it out directly. Use this as a filter: if an asset clears these tests, we want to hear about it; if it doesn’t, you’ve saved yourself the effort.
One framing note before the detail. We are a permanent-hold owner, not a trader. We buy to keep, which is why our criteria lean so heavily on the durability of the tenancy rather than on a quick repositioning angle. That shapes everything below.
What asset type are we actually buying?
Single-tenant industrial. That means one occupant, in a building that is purpose-built or fitted out for their operation: freestanding warehouses, manufacturing facilities, logistics and distribution centres, cold storage, and similar operational property. The single-tenant structure is central to how we underwrite and how we manage over the long term, so it isn’t a preference we flex on.
Multi-tenanted industrial parks, strata, and mixed-use assets sit outside our brief, as do retail and office. There’s no judgement in that — they’re perfectly good assets for other buyers — it’s simply not what we do, and you’ll get a faster answer knowing it up front.
Which market — and why only South-East Queensland?
The asset needs to be in South-East Queensland. We know this market deeply and we deliberately concentrate here rather than spreading thin across the country. For you that focus is an advantage: we already understand the trade areas, the freight and logistics nodes, and the precincts, so we can form a view quickly instead of starting from scratch on the geography.
Concentrating also means we’re patient. We’re not under pressure to deploy capital across a dozen markets to a deadline, so we can wait for the right South-East Queensland asset rather than stretching our criteria to fill a quota. For you, that translates into a counterparty whose interest is genuine when we express it — we’re not kicking tyres to keep a national pipeline busy.
If you’re ever unsure whether a particular pocket of the region is of interest, just ask. It’s a quick yes or no, and it’s far cheaper than assuming.
What size deals are worth bringing?
We target assets in roughly the ten-to-twenty-million-dollar range. There’s a practical reason for the floor: below a certain size, the transaction cost and the management overhead simply don’t justify themselves for either side, and you’d be working hard on a deal that’s marginal for everyone. The band reflects where a single-tenant industrial asset is large enough to matter to us and to your client.
That said, the ceiling is softer than the floor. Deals well above the band may still interest us depending on the structure and the strength of the tenancy, so please don’t self-select out purely on a big number — a conversation costs nothing, and we’d far rather hear about a strong asset and work out together whether it fits than have you assume it’s too large and take it elsewhere.
What lease profile makes an asset a fit?
Because we hold for the long term, the tenancy is where we focus hardest. We want a tenant who intends to stay and a lease that reflects that intention. Long unexpired terms, sensible options, and market-linked reviews are all positive signals, because they line up the income with the way we own.
The strongest cases combine that with a tenant who is either institutionally solid or operationally anchored to the building — purpose-built infrastructure, significant fit-out, or regulatory and logistical realities that make relocation genuinely costly. When a tenant has both the intent and the practical reasons to stay, that’s precisely the profile we’re trying to find.
None of this means a deal needs a flawless covenant to be worth a call. If the fundamentals are largely there, bring it — assessing the nuances is our job, not yours.
Which deal structures do we pursue?
Three, and we’re active on all of them. Sale and leaseback, where an owner-occupier wants to release capital from their building while continuing to operate from the same site — and we suspect this is the largest pool of opportunity your client base is quietly sitting on, because so many owner-occupiers have never actually run the comparison between capital tied up in walls and capital working in their business. Build-to-suit, where a tenant needs a facility developed or procured to their specification on a long lease from the outset; that one often starts as an occupier’s expansion or relocation problem rather than a property listing, so it’s worth keeping in mind even when there’s no building yet. And direct acquisition of investment-grade single-tenant assets where the tenancy fundamentals are strong.
If you’ve a client whose situation maps to any of those — especially an owner-occupier who has only raised the idea of a capital release informally — that’s exactly the right stage to introduce us. Early is better than polished; we’re happy to help shape it, and getting us in before the thinking has hardened tends to produce a cleaner deal for everyone, your client included.
The bottom line
Run any potential introduction through five questions: single-tenant industrial, in South-East Queensland, broadly in the right size band, with a durable tenancy, fitting one of our three structures. Clear most of those and it’s worth a conversation. Don’t over-engineer the qualification — when in doubt, ask.
And a fair caveat: anything here is general, not advice for your client’s specific circumstances — their own legal, tax and financial advice still applies. Our criteria page has the fuller detail, and I’m happy to talk any prospective deal through and tell you quickly whether it fits.