This article is from the Australian Property Journal archive
INDUSTRIAL activity in Brisbane’s south is still humming along, with one of the world’s largest Caterpillar equipment dealers, Hastings Deering offloading 21.25 hectares of industrial development land for $41.5 million.
A domestic entity picked up the 182 Bowhill Rd property in Willawong. With broad general industry B zoning, the site was one of the last of its type and size available within the tightly-held greater Brisbane area, according to selling agents Chris O’Brien, Edward Bull and Peter Turnbull of CBRE.
Hastings Deering will take a short-term leaseback. The compay is based in Archerfield and had already undertaken major works at the site.
The lot has dual frontage at the northern end of the southside’s own golden triangle formed by Ipswich Rd, Beaudesert Rd and the Logan Mwy, just south of Archerfield Airport and within reach of the Queensland Rail freight yard at Acacia Ridge. The Logan Mwy provides a link to the Pacific Hwy.
“This Willawong site represented a rare opportunity to purchase a large, freehold and zoned parcel of industrial land within greater Brisbane,” Turnbull said. “Given the appeal of the short-term holding income, there was strong interest from offshore and onshore parties in a competitive on-market program.”
Brisbane’s southern suburbs have seen big names active in the region lately. Global real estate investment manager DWS picked up a 50% stake in a Coorparoo chilled warehouse facility for a cool $152.5 million last month, while Singapore’s Mapletree Logistics Trust paid $21.25 million for a newly built warehouse leased to Decina Bathroomware in Inala.
Meanwhile, Coca-Cola Amatil is again looking to release capital from its property holdings, putting its new Richlands facility to the market as a sale and leaseback opportunity. The 3.42 hectare property will accommodate a new 12,000 sqm logistics facility.