Gladstone

Three LNG trains, a dedicated hydrogen export strategy, and a port that handles 100+ million tonnes per year. Yield at 6.1% is cashflow positive. Rent growth +7.5% is second-strongest in the scan. Hydrogen projects add option value on an already-sound investment thesis.

Queensland government hydrogen targets are aspirational. Execution risk is real; LNG employment is capital-intensive but not high-headcount; some FIFO influence on vacancy.

6.1% yield at $442k = $27,040 annual rent vs $22,984 interest = $4,056 positive pre-cost cashflow. No NG needed. Port city means genuine long-term economic base. CGT indexation suits 7+ year hold.