This article is from the Australian Property Journal archive
ASX-listed Garda Property Group has offloaded a development site in south-west Brisbane for $13.5 million, deciding to sharpen its focus instead on its North Lakes industrial estate.
The Pinnacle East site at 372 Progress Road in Wacol was acquired three years ago for $7.2 million. Garda undertook remediation works and obtained DA approval for a 14,876 sqm industrial facility.
It is now divesting the site to Tolazo Pty Ltd, which Garda executive chairman Matthew Madsen told Australian Property Journal would mean the reallocation of $35 million of construction capital and $13.5 million in sale proceeds to the North Lakes development, “which offers a more compelling return on capital”.
He said the major contributors to the price uplift at the Wacol site were Garda achieving all development and works approvals and commencing works combined with a strong increase in industrial land value more generally, particularly observable in the land-starved northern Brisbane market.
Works are progressing at North Lakes with bulk earthworks effectively completed. Internal and external civil works programs have commenced with expected completion in early 2025, allowing for built form construction to start.
Garda holds DA approval for Lot 2 at the site, of 23,376 sqm of net lettable area, and has lodged development applications for Lot 1, of 11,020 sqm, and Lot 3, of 5,235 sqm, with both approvals expected to be finalised this calendar year.
