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👇🏼 Check Out These Deals 👇🏼
Contains Real Members' Financial Numbers And Property Details That's Relevant To You
See More Recent Case Studies Below ⤵️
Recent Deal #1
REVERSION UPSIDE + DEVELOPMENT UPSIDE
THE SITUATION & EXECUTION
The property is a land-rich freehold industrial property and activity centre with multiple tenants and substantial upside. The property is very under-developed with only 34% site coverage. At a purchase price of $20,000,000 ($717/sqm of land), the property was purchased at below land value with an initial yield of 5% net and 5-year lease to a longstanding blue-chip tenant.
Based on our market research and knowledge, the property is more than 50% under-rented ‘as is’, with potential to increase rents further by expansion over the unused land areas. We anticipate long-term yields to exceed 10.75% net, and projected valuation at over $33,500,000.
THE OVERVIEW
DEAL TYPE Reversion + Development Upside
ASSET TYPE Industrial & Activity Centre
LOCATION Melbourne Metro
SITE AREA 28,000sqm
BUILDING AREA 10,046sqm
PURCHASE PRICE $20,000,000
DATE ACQUIRED 2025
METHOD Private Treaty
INITIAL RENT $1,026,809 net pa
INITIAL YIELD 5% net
MARKET RENT $2,175,000 net pa
REVERSIONARY YIELD 10.8%+ net
MARKET VALUE (ASSESSED) $33,500,000+
Recent Deal #2
RENTAL REVERSION UPSIDE
THE SITUATION & EXECUTION
The property is a heavily under-rented multi-tenanted freehold industrial property located in one of Brisbane’s fastest growing corridors. The property has excellent access and located in a strategic main road adjacent to Bunnings.
At a purchase price of $12,100,000 ($2,016/sqm of GLA), the property was purchased at below replacement costs with an initial yield of 5.5% net, 3.5 Year WALE, and leased to two longstanding tenants.
Based on our market research, the property offers approximately 50% net rental upside (currently $111/sqm net). This is further verified by the valuer, valuing market rents at $165/sqm net.
THE OVERVIEW
DEAL TYPE Rental Reversion
ASSET TYPE Industrial
LOCATION Brisbane Metro
PURCHASE PRICE $12,100,000
DATE ACQUIRED 2025
SITE AREA 7,300 sqm
BUILDING AREA 6,001 sqm
METHOD Private Treaty
INITIAL RENT $668,250 net pa
INITIAL YIELD 5.5% net
MARKET RENT $990,000 net pa
REVERSIONARY YIELD 8.2%+
MARKET VALUE (ASSESSED) $18,000,000+
Recent Deal #3
VALUE-ADD REFURBISHMENT
Click image to watch the case study video.
THE SITUATION & EXECUTION
The transaction involved purchasing a run-down freehold industrial property. The property is located in central Brisbane with strong tenant demand. The buyer completed a major refurbishment and brought the rents to market levels resulting a 8%+ net yield, and over $1.5mil in equity uplift within 9 months.
THE NUMBERS
Acquired for: $3,400,000
Stamp Duty: $181,775
Legal Costs: $7,700
Total Acquisition Cost: $3,589,475
Refurb Cost: $400,000
Total Project Cost: $3,989,475
Total Capital Used: $1,609,475
New Rent: $300,000 pa net
New Valuation: $5,000,000 (March 2025)
Net Profit: $1,010,525
ROI: 62% (in 9 months)
THE OVERVIEW
STRATEGY Value-Add Refurbishment
ASSET TYPE Freestanding Industrial
TOTAL LETTABLE AREA 2,087 sqm
LOCATION Metro Brisbane
PURCHASE PRICE $3,400,000
DATE ACQUIRED 2024
METHOD Private Treaty
Recent Deal #4
CASHFLOW + RENTAL REVERSION
Click image to watch the case study video.
THE SITUATION & EXECUTION
The transaction involved purchasing 3 freehold industrial properties in a line. The 3 properties are leased to the same multi-national tenant with an initial yield of 6% net. The long standing tenant is paying below market rent (currently circa 37%) and the rental market is projected to grow by a minimum of 10% per annum over the next 2-3 years. The projected rental yield at next market review (2027) is 10.1% net.
THE OVERVIEW
STRATEGY Rental Reversion
ASSET TYPE Freehold Industrial
LOCATION Brisbane
PURCHASE PRICE $9,280,000
DATE ACQUIRED 2024
SITE AREA 12,837 sqm
BUILDING AREA 4,755 sqm
METHOD Private Treaty
INITIAL RENT $554,356 net pa
INITIAL YIELD 6% net
MARKET RENT $937,200
REVISIONARY YIELD 10.1% net
MARKET VALUE (ASSESSED) $15,600,000+
Recent Deal #5
RENTAL REVERSION UPSIDE
THE SITUATION & EXECUTION
This property was purchased off-market at $7,000,000. The property is a heavily under-rented freehold industrial property located in one of Melbourne’s established industrial markets. The property has excellent access and strategically located near Tullamarine Airport.
Based on our market research, the property offers approximately 45% net rental upside (currently $170/sqm net). This is further verified by the valuer, valuing market rents at $160/sqm net. The tenant has a short lease-tail, expiring in approximately 1 year, allowing the reversion to occur within a short period.
THE OVERVIEW:
DEAL TYPE Rental Reversion Update
ASSET TYPE Industrial
LOCATION Melbourne Metro
PURCHASE PRICE $7,000,000
DATE ACQUIRED 2025
SITE AREA 4,905 sqm
BUILDING AREA 2,841 sqm
METHOD Off-Market Private
INITIAL RENT $316,609 net pa
INITIAL YIELD 4.6% net
MARKET RENT $495,000 net pa
REVISIONARY YIELD 7% net
MARKET VALUE (ASSESSED) $8,500,000+
Recent Deal #6
CASHFLOW + RENTAL REVERSION
Click image to watch the case study video.
THE SITUATION & EXECUTION
This property was purchased off-market at $6,000,000.
Prior to settlement CBA valued the property at $7,000,000, representing an immediate uplift of $1,000,000.
The off-market transaction involved purchasing a freehold industrial property in a prime industrial area of Melbourne.
The property is leased to a long term tenant at initial yield of 5.5% net, which is below market (30% below), therefore an opportunity exists to increase the rent significantly at market review, bringing the yield to potentially over 8.6% net.
THE OVERVIEW
STRATEGY Cashflow
ASSET TYPE Freehold Industrial
LOCATION Melbourne
PURCHSE PRICE $6,000,000
ACTUAL VALUATION $7,000,000
DATE ACQUIRED 2024
METHOD Off Market Private
INITIAL RENT $325,850 net pa
INITIAL YIELD 5.5% net
MARKET RENT $430,000
REVISIONARY YIELD 7.2% net
MARKET VALUE $7,000,000
Recent Deal #7
RENTAL REVERSION UPSIDE
THE SITUATION & EXECUTION
This property was purchased off-market at $5,280,000. The property is a heavily under-rented freehold industrial property located in one of Brisbane’s fastest growing industrial markets. The property has a low site coverage (36%) offering an excellent hardstand to the rear.
The property is leased to a long-term tenant of 30 years, and heavily under-rented at approx. 50% below market levels (currently $77/sqm net), therefore an opportunity exists to increase the rent significantly at market review, bringing the yield to potentially over 8.8% net.
THE OVERVIEW:
STRATEGY Rental Reversion
ASSET TYPE Industrial
LOCATION Brisbane Metro
PURCHASE PRICE $5,280,000
DATE ACQUIRED 2025
SITE AREA 7,239 sqm
BUILDING AREA 2,616 sqm
METHOD Off-Market Private
INITIAL RENT $203,387 net pa
INITIAL YIELD 4% net
MARKET RENT $460,000 net pa
REVERSIONARY YIELD 8.8%+ net
MARKET VALUE (ASSESSED) $7,700,000+
Recent Deal #8
CASHFLOW + RENTAL REVERSION
THE SITUATION & EXECUTION
The property is a freehold CBD retail property in Brisbane with multiple tenants. The property was purchased with an initial yield of 5.5% net with excellent rental reversion upside with projected yield of 8.5% net after 2 years. Furthermore, the property has strata-subdivision potential, offering an excellent exit strategy.
THE OVERVIEW
STRATEGY Rental Reversion
ASSET TYPE CBD Retail Centre
LOCATION Brisbane
PURCHASE PRICE $6,000,000
DATE ACQUIRED 2025
SITE AREA 671 sqm
BUILDING AREA 1,209 sqm
METHOD Private Treaty
INITIAL RENT $329,873 net pa
INITIAL YIELD 5.5% net
MARKET RENT $513,015 net pa
REVERSIONARY YIELD 8.5% net
MARKET VALUE (ASSESSED) $8,500,000+
Recent Deal #9
RENTAL REVERSION
THE SITUATION & EXECUTION
Purchased this property in February 2026 for $2,170,000 and sold it in August 2026 for $2,800,000.
The purchase reflected a price of $1,827/sqm on building area, and an initial yield of 5% net.
The existing tenant was paying approx $92/sqm net in rent, which was significantly under market, and keep a limit on the property value.
After taking over the property, we successfully negotiated a lease surrender with the tenant, and unlocked the market value of the property immediately.
Subsequently sold the property to an owner occupier.
THE OVERVIEW
STRATEGY Rental Reversion
ASSET TYPE Industrial
LOCATION Melbourne
PURCHASE PRICE $2,170,000
DATE ACQUIRED 2026
SITE AREA 1,626 sqm
BUILDING AREA 1,188 sqm
METHOD Private Treaty
INTIAL RENT $109,400 net pa
INITIAL YIELD 5% net
MARKET RENT $173,000 net pa
REVERSIONARY YIELD 8% net
SOLD PRICE (AUGUST 2026) $2,800,000
Recent Deal #10
RENTAL REVERSION + REDEVELOPMENT UPSIDE
THE SITUATION & EXECUTION
An opportunity arise to purchase a freehold industrial property in a major regional area of New South Wales with substantial land holdings with long term redevelopment potential based on its R1 Zoning.
In addition, the property is well under-rented with excellent rental reversion in the near-term targeting reversionary net yield of 8.7%+.
THE OVERVIEW
DEAL TYPE Rental Reversion + Redevelopment Upside
ASSET TYPE Industrial
LOCATION Major Regional NSW
SITE AREA 6,765 sqm
BUILDING AREA 1,620 sqm
PURCHASE PRICE $3,120,000
DATE ACQUIRED 2026
METHOD Private Treaty
INTIAL RENT $146,175 net pa
INITIAL YIELD 4.8% net
MARKET RENT $273,000 net pa
REVERSIONARY YIELD 8.7% net
MARKET VALUE (ASSESSED) $4,000,000
Recent Deal #11
HIGH CASHFLOW
THE SITUATION & EXECUTION
The property is in a prime large format retail precinct in a high growth major regional area of New South Wales, surrounded by well established brands such as, Total Tools, Harvey Norman, Spotlight and Adairs.
The near new building was purchased off-market with vacant possession, however, the fully leased yield is over 8% net with strong tenant demand in the area. A long-term settlement of 9 months was negotiated, allowing ample time to secure a tenant.
THE OVERVIEW
DEAL TYPE High Cashflow
ASSET TYPE Large Format Retail
LOCATION Major Regional NSW
SITE AREA 4,880 sqm
BUILDING AREA 1,034 sqm
PURCHASE PRICE $2,700,000
DATE ACQUIRED 2026
METHOD Off-Market
INTIAL RENT Nil- vacant position
INITIAL YIELD Nil- vacant position
MARKET RENT $220,000 net pa
REVERSIONARY YIELD 8%+ net
MARKET VALUE (ASSESSED) $3,500,000
Recent Deal #12
RENTAL REVERSION + STRATA SUBDIVISION
THE SITUATION & EXECUTION
We purchased this multi tenanted office/warehouse from the receivers. The property is located within one of Melbourne’s most tightly held industrial precincts in the South-East.
The property provides an excellent initial net yield of 6.5% with reversion opportunities in the near term. Furthermore, the property was purchased at approximately $2,280/sqm of building area, providing an excellent strata subdivision upside which is currently being explored.
THE OVERVIEW
DEAL TYPE Rental Reversion + Strata Subdivision
ASSET TYPE Industrial
LOCATION Melbourne
SITE AREA 4,779 sqm
BUILDING AREA 3,069 sqm
PURCHASE PRICE $7,000,000
DATE ACQUIRED 2026
METHOD Receivership Sale
INTIAL RENT $453.564 pa net
INITIAL YIELD 6.5% net
MARKET RENT $530,000 net pa
REVERSIONARY YIELD 7.5%+ net
MARKET VALUE (ASSESSED) $8,500,000
Recent Deal #13
RENTAL REVERSION
THE SITUATION & EXECUTION
We purchased a portfolio of 2 warehouse in a tightly held industrial market in Melbourne’s South-East.
Both properties were very under-rented and provided a reversion opportunity to uplift the rents in the near-term from 5% net yield to 7.3%+ net yield.
THE OVERVIEW
DEAL TYPE Rental Reversion
ASSET TYPE Industrial
LOCATION Melbourne
SITE AREA 3,843 sqm
BUILDING AREA 2,860 sqm
PURCHASE PRICE $5,250,000
DATE ACQUIRED 2026
METHOD Private Treaty
INTIAL RENT $264,373 pa net
INITIAL YIELD 5% net
MARKET RENT $386,000 net pa
REVERSIONARY YIELD 7.3%+ net
MARKET VALUE (ASSESSED) $6,800,000
Who Are We?
Will Tong
CEO & Founder
Property Lions is Australia's leading commercial property buyers' agency, advisory and asset management firm.
Will Tong is the strategist behind some of Australia's most successful private commercial property acquisitions. With over 25 years of experience and more than 600 commercial transactions to his name, totalling over $3.5b in transaction value, Will has built a reputation as one of the country’s most trusted and effective commercial property experts.
Throughout his career, Will has held senior leadership roles at global real estate firms including CBRE, JLL, Colliers, LJ Hooker Commercial and Cushman & Wakefield, where he structured high-value deals on behalf of institutions, developers, and private investors — generating over $1 billion in collective profit.
As Founder and CEO of Property Lions, Will now applies this firepower to help private clients secure investment opportunities with serious upside — from high-yielding cashflow investments to complex value-add and repositioning plays. The deals he personally led — like multi-million-dollar equity uplifts through refurbishments, subdivisions, rental reversions and strategic leasing — are a testament to what's possible with the right vision, timing and execution.
Every deal is a story. Will’s legacy is helping investors write better ones — with more clarity, more profit, and more freedom.
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