Garda Property Group’s Brisbane Industrial Portfolio Jumps $8.3M on Rents
Garda Property Group has announced independent valuations across eight of its nine industrial properties have driven an $8.253 million (2.5%) increase in carrying values, lifting the portfolio to $340.56 million. The uplift stems primarily from continued industrial rent growth in Brisbane and increased land values at Acacia Ridge and Morningside properties, with the valuations conducted for FY26 year-end reporting purposes.
What are independent property valuations and why do they matter?
REITs and property groups are required to periodically value their assets at fair market value for financial reporting. Independent valuations are conducted by external qualified valuers, providing an objective assessment separate from management’s internal estimates.
Valuation increases flow through to Net Tangible Assets (NTA) per security, a key metric investors use to assess whether a property stock is trading at a premium or discount to its underlying asset base. Capitalisation rates (cap rates) are used to value income-producing properties by dividing net operating income by the property value — lower cap rates typically indicate higher asset values.
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NTA rises to $1.65 per security with gearing at 28.1%
The unaudited NTA per security is expected to increase by $0.05 to $1.65 at 30 June 2026. Current gearing sits at 28.1%, whilst the weighted average capitalisation rate across the portfolio is now 5.88%.
The NTA increase represents a tangible uplift in securityholder equity, whilst sub-30% gearing indicates conservative balance sheet positioning.
Morningside and Acacia Ridge drive valuation uplift
The two strongest performers were Morningside (326 & 340 Thynne Rd) with a $5.194 million increase, and Acacia Ridge (69 Peterkin St) with a $1.652 million increase. Pinkenba (70-82 Main Beach Rd) also contributed a $1.783 million gain, though one property recorded a valuation decrease: Acacia Ridge (38-56 Peterkin St) down $2.08 million. Richlands was independently valued at 31 December 2025 and will be carried as a Directors’ valuation for 30 June 2026.
| Property | 31 Dec 25 ($m) | 30 Jun 26 ($m) | Movement ($m) |
|---|---|---|---|
| Morningside, 326 & 340 Thynne Rd | 61.066 | 66.260 | +5.194 |
| Acacia Ridge, 69 Peterkin St | 22.448 | 24.100 | +1.652 |
| Pinkenba, 70-82 Main Beach Rd | 32.217 | 34.000 | +1.783 |
| Acacia Ridge, 38-56 Peterkin St | 45.080 | 43.000 | -2.080 |
| Wacol, Pinnacle West | 47.254 | 48.500 | +1.246 |
The concentration of gains in Morningside and Acacia Ridge highlights the value of Garda’s land-rich Brisbane industrial exposure.
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Brisbane industrial fundamentals underpin outlook
The valuation result sits within the context of Brisbane’s industrial property market strength. Market rents across the portfolio range from $55/sqm (Pinkenba) to $325/sqm (Wacol Bivouac), reflecting asset diversity. Cap rates range from 5.75% to 6.00% across the portfolio, with Wacol Pinnacle West at 5.88%, indicating continued investor demand for Brisbane industrial assets.
Sustained rental growth and stable cap rates suggest the portfolio is positioned to capture ongoing market strength, supporting future NTA accretion. The announcement was authorised by Matthew Madsen, Executive Chairman.
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