This article is from the Australian Property Journal archive
THE Dexus Industria REIT has offloaded two logistics warehouses in Queensland to global real estate investment, development and property manager Hines.
Located at 16-28 Quarry Road in Stapylton on the Gold Coast, the 40,983sqm asset comprises two logistics buildings which are fully leased to three major tenants.
The property boasts easy access the M1 motorway for great connectivity between Brisbane, Gold Coast, and regional Queensland.
Hines has also entered into a 15-year lease agreement for part of the property with Gold Coast-based provider of high-tech cooling solutions, PWR Performance Products Pty Ltd (PWR), which is set to commence in July 2025.
“We are thrilled about securing this site for our headquarters and working with Hines to build a facility that will accelerate our growth into the aerospace and renewable energy sectors right here on the Gold Coast,” said Kees Weel, managing director at PWR.
“The building will give us room to streamline the factory layout and expand our capabilities to meet customer demands.”
Across a three-year period, PWR will invest $21.9 million in facility upgrades and new equipment, increasing its production capacity by 114%.
This investment should add as many as 488 new jobs the next decade, with PWR receiving a government grant from the ‘Invested in Queensland’ program to support this expansion.
Hines also plans to add solar power generation and upgrade various building systems to elevate the asset’s ESG standards to better meet the firm’s sustainability commitments.
“The strategic location, the strong tenant base, and the potential for growth make these warehouses an attractive investment,” said David Warneford, country head of Australia and New Zealand at Hines.
“We are pleased to partner with PWR to deliver their new Queensland base, as we continue to bring strategic benefits to our portfolio, partners, and tenants in Australia.”
Hines has secured 14 industrial assets in Asia Pacific totalling approximately 550,000sqm since 2020, with this latest deal marking their eighth industrial and logistics acquisition in Australia.
Back in August, Hines signed on temperature-controlled logistics and transport solutions provider Auscool Logistics to a long-term lease for a cold storage warehouse in the Gold Coast hinterland.
While earlier this week, Dexus announced it had secured development approval for its Moorebank last mile industrial estate in Western Sydney.
