This article is from the Australian Property Journal archive
THE Garda Diversified Property Fund will develop a 20,000 sqm industrial facility in Brisbane’s south-west suburb of Wacol, having paid $5.9 million for a 4.1-hectare site near its existing Metroplex Westgate Industrial Facility.
The fund will develop and then retain the 498 Progress Road property as an investment.
Settlement of the site is not expected until May 2019, which the fund said offered time for design and development approval prior to settlement and construction works starting in the 2020 financial year.
“We are pleased to announce this exciting acquisition in such a key industrial location,” Garda executive chairman, Matthew Madsen said.
“Furthermore, this acquisition again demonstrates our ability to source compelling opportunities that allow GDF to design and build investment assets that will be retained by the fund.”
Volvo Group Australia commenced their 10-year lease in July within the $35.25 million Metroplex Westgate, at a purpose-built facility with a 6,057 sqm service warehouse and dealership delivery centre and 3,937 sqm of A-grade office space and showroom.
Construction started last month on the next stage of Wacol’s Metroplex Westgate, which will include an additional 20 lots over 10.9 hectares of land.
Australian Property Journal
