This article is from the Australian Property Journal archive
AN industrial property in Brisbane’s southwest has been snapped up by Clarence Property from Lansky Constructions for $14.44 million.
The 1.3-hectare property, located at 18 Macgregor Place in Richlands, within the Metroplex estate, is set to be developed into a 7,683sqm logistics facility.
Mark Clifford from Knight Frank negotiated the deal, which sold at a 5.9% yield, with a rent guarantee in place, with the sale being completed on a fund-through stricture, with the vendor also delivering the planned facility.
The 13,773sqm property, will a house logistics facility that will include 7,276sqm of warehousing and 405sqm of office space.
Clifford, along with Knight Frank’s Ned Jefferies are currently leading a leasing campaign for the facility.
“The 1.3ha Richlands block is positioned at the entrance to the highly sought-after Metroplex estate, and was one of only a handful of vacant land sites remaining in the entire precinct,” said Clifford.
According to Clifford the facility, which will be built with a functional design to allow for a flexible workplace, can be offered up as two separate tenancies of approximately 3,500sqm or as a single tenancy.
“There is strong demand from industrial occupiers in Richlands, and we are already fielding interest from a number of parties. This quality office and warehouse facility is in one of Brisbane’s most sought after industrial and logistics locations,” added Clifford, who is confident tenancy will secured prior to completion of the project.
The site benefits from direct access to major arterial roads, such as the Ipswich Motorway, Logan Motorway and the Centenary Highway.
“The acquisition provides Clarence Property with a strategic industrial foothold in the western corridor of Brisbane, in a high demand area set to see massive future demand and growth from industrial occupiers,” said Clifford.
“This acquisition adds another significant industrial property to our growing portfolio here at Clarence Property, in a huge growth corridor providing not only value to our investors but with enormous potential for future tenants,” said Peter Fahey, managing director at Clarence Property.
Construction on the logistics facility at 18 Macgregor Place is set for an immediate start and scheduled for a first quarter 2022 completion.
