This article is from the Australian Property Journal archive
THE Dexus Australian Logistics Trust has purchased a 9.2-hectare Richlands development site in Brisbane’s south-west industrial region for $26.5 million from Heathley Asset Management.
The unlisted $2 billion unlisted trust invests in Australian logistics properties and plans to construct a 55,000 sqm facility on the site, with a flexible design to suit a range of tenancy sizes.
Knight Frank brokered the off-market sale, saying major institutional owners were scouring the market for land opportunities, with the availability of sites currently scarce.
“This particular site was attractive to developers due to the scarcity of such sites, as well as its location close to the Centenary Highway and Ipswich Motorway, which will be attractive to future and potential tenants.”
The 91,776 sqm corner property at 425-479 Freeman Road comprises five adjoining, separately titled lots, with areas ranging from around one hectare to more than four hectares.
The adjacent Drive Industrial Estate, owned by Dexus Wholesale Property Fund, was completed in 2015 and is fully leased.
An Australian Unity Fund recently leased more than 13,000 sqm of space at its Richlands facility at 278 Orchard Road to national third-party logistics provider MCM and mining sector business Flexitech Group, while Garda Diversified Property Fund is proposing to develop a new three-building, 17,000 sqm complex in neighbouring Wacol to meet growing occupier demand for prime industrial space in the area, settling last week on the $5.9 million purchase of the 4.1 hectare site at 498 Progress Road.
The Garda fund yesterday confirmed a relationship with full-service property firm Development Directive for the Wacol site.
“Garda and Development Directive had independently identified the potential of Brisbane’s south-western corridor. The location is right, zoned land is available and demand for turn-key product is on the rise as overall market conditions continue to improve,” Garda executive chairman, Matthew Madsen said.
Australian Property Journal
