This article is from the Australian Property Journal archive
GARDA Diversified Property Fund is proposing to develop a new three buildings complex at Wacol to meet growing occupier demand for prime industrial space.
GDF yesterday settled on the purchase of the 4.1 hectare industrial site located at 498 Progress Rd in Wacol for $5.9 million.
It has lodged a development application prior to settlement and expects to receive all relevant approvals in the last quarter of the 2019 calendar year.
The complex will comprise approximately 17,000 sqm of lettable area across three buildings, providing the flexibility for multiple tenants in the 4,000 sqm to 8,000 sqm range.
Executive chairman Matthew Madsen said the Wacol / Richlands industrial precincts are strategically important industrial areas of Brisbane given their proximity to the major highway networks to the north, south and west.
“Significant investment has occurred into key road network upgrades and new local road/highway connections, including Progress Road. Furthermore, the nearby Metroplex Westgate estate provides a new commercial hub for western Brisbane, improving the amenity and an offering not previously available.
“Occupier demand for prime industrial property has continued to strengthen in Brisbane throughout the last year. This project is consistent with the fund’s ‘asset creation’ strategy, where Garda designs and builds investment assets that are retained by the fund.” Madsen said.
Australian Property Journal