This article is from the Australian Property Journal archive
JOINT venture partners Centennial Property Group and MaxCap Group have snapped up three adjoining sites with plans to develop a $90 million inner-ring industrial & logistics park in Brisbane’s Willawong.
Centennial and MaxCap have now lodged a DA with the Brisbane City Council to establish an estate with circa 32,000sqm of GLA and 50% site coverage, to be known as The Link Industrial Park.
The sites at 162-172 Sherbrooke Road and 142 Sherbrooke Road in Willawong, around 17km south of the Brisbane CBD, were acquired by the joint venture partners for a combined $14.35 million.
“The Willawong locality is highly land-constrained due to fractious ownership, but the amalgamation of these sites on Sherbrooke Road provides an excellent opportunity for end users seeking connectivity to local and regional markets,” said James Park, development manager at Centennial.
“The area has and continues to benefit from the demand driven by users in the Acacia Ridge and Salisbury precincts requiring higher quality and more flexible accommodation not available in the immediate area.”
Jack Barrett, state director at Agency HQ Commercial, negotiated the deal, bringing together sites’ three separate vendors to amalgamate and unlock the maximum of the properties.
“It’s relatively rare to find a such a significant parcel of land in this location, and with record low vacancy in the core Central South precinct around Acacia Ridge and Coopers Plains, there is currently significant interest in new buildings in Willawong,” said Barrett.
“Not only does Willawong offer these businesses a location that is close to their current sites, thereby improving efficiency and continuity, it also provides a handy solution in addressing staff retention.”
The Link Industrial Park will comprise as many as nine state-of-art, flexible, sustainable and mid-space office/warehouse tenancies.
“The strategic off-market purchase of these sites in Willawong has been completed in line with our focus on delivering institutional grade ‘mid-space’ warehouse accommodation, with strong connectivity to major distribution networks in land-constrained, inner-ring locations at scale, and will enhance Centennial’s geographic diversification in the Queensland market,” said Paul Ford, executive director and CEO of Centennial, I&L.
With Centennial set to commence tendering for the construction of the park, the estate will be delivered on a speculative basis for an anticipated Q4 2023 completion date.
“When complete, the estate at 142-172 Sherbrooke Road will have significant appeal for a broad range of end user customers courtesy of Willawong’s land-constrained, last-mile location, quality of design and finishes and flexibility in the range of warehouse configurations and sizes, from 1,200sqm GLA right up to 20,000 sqm GLA,” concluded Ford.
