This article is from the Australian Property Journal archive
A 21-hectare industrial site within the Citiswitch Business Park in Bundamba has sold for in excess of $70 million, in one of the largest industrial land sales in Brisbane’s western corridor so far this year.
Located at 88 Hume Drive, around half an hour southwest of Brisbane, the sale represents the biggest single lot transaction in the Citiswitch Business Park, which is Queensland’s largest mixed-use industry and business estate.
Mark Clifford from Knight Frank negotiated the deal on behalf of the vendor, the Walker Corporation, with Aliro Group first acquiring the site 12 months ago, before the recent settlement.
“Walker’s have been in this estate for the long haul, and are now seeing some great rewards for an ongoing commitment in delivering this large-scale, master planned estate that sits is a superb strategic location, at the junction of three of the major highway routes, being the Ipswich Motorway, Warrego and Cunningham Highways,” said Clifford.
“Given the growth in Brisbane’s western corridor, the high level of demand from industrial users in this location and the lack of industrial land in the Brisbane area, it’s clear to see that Citiswich is in high demand.”
Aliro Group plans to subdivide the site into a multiblock development, with lots ranging upwards in size from two-hectares.
Walker Corporation developed the 350-hectare master planned estate, which is home to major companies including Costco, SAAB Australia, TAE Aerospace, The Reject Shop, World Gym and Caltex’s Bundamba Travel Centre.
“Citiswich continues to evolve as one of South East Queensland’s premium master planned estates that caters for a wide mix of corporate business and industry uses,” said Todd Martindale, Citiswich development manager at Walker Corporation.
“Occupiers continue to see the benefits of establishing at Citiswich, with these next developments to be well placed to provide increased employment opportunities for the ever-increasing population growth in the Ipswich region.”
The site is one of the last that Walker Corporation had for sale on the southern side of the highway, with the sale leaving the Walker to fast track its application with Ipswich Council for the final stage of the Citiswich Business Park.
The final stage of the estate will include a new land subdivision offering with a total of 50-hectares of services and benched lots, to be released later in 2023.
“With a combination of factors including an ongoing mandate from business to improve supply chains, the extreme shortage of land supply in the greater Brisbane area, along with high costs to build new industrial land subdivisions, it is expected that land rates well in excess of $500 per square metre are now the new benchmark for serviced industrial lots of one hectare-plus, still being very competitive against the more costly Sydney and Melbourne land markets,” said Martindale.
