This article is from the Australian Property Journal archive
THE developer of a $500 million Gold Coast industrial estate is fast-tracking works and releasing more land to the market after 17 blocks were snapped up by developers and owner occupiers.
The $500 million LogistX Business Park in Yatala is now 70% sold and is forging ahead into a third release of land.
Developer Ekko Point Properties began civil works for the initial 80,000 sqm release back in July last year and will fast-track works for stage two ahead of schedule to cater for the strong demand.
The initial eight blocks were snapped up for over $40 million and amidst a backdrop of surging Yatala land values in excess of $500 per sqm, 17 blocks of ready-to-build industrial land have now been sold to nine different buyers.
A further 10 blocks are under offer, leaving nine blocks remaining in the second release, ranging from 4,000 sqm to five hectares.
David Corke, CBRE industrial & logistics senior director believes the location is coming of age following the commitment of Visy to construct their new $500 million automated glass recycling facility.
“The Visy investment is projected to add over 200 full-time jobs to this market and we’re seeing huge demand through this precinct as Gold Coast industrial land supply disappears.”
Situated in the major arterial corridor between Brisbane and the Gold Coast, the site has attracted a mixture of local businesses setting up national headquarters in the precinct along with local and interstate developers.
Agents appointed to the project are Myles Clentsmith and David Corke of CBRE and Nick Evans and David Brisk of Colliers.
“It’s incredible to see the depth of demand we have across the whole spectrum from national owner occupiers to local and interstate developers,” Evans said.
Elsewhere in Yatala, dealership Brisbane Isuzu has just spent $16.85 million acquiring a 4.26-hectare site that has 3,993 sqm of building and is approved for more than 16,200 sqm of additional floor space.
Frasers Property Industrial has two estates in Yatala. The $500 million Yatala Central became fully occupied last year when GMK Logistics signed up for a new 25,580 sqm distribution facility, while its $300 million Vantage Yatala has attracted tyre manufacturing giant Goodyear to a 25,250 sqm facility.
