This article is from the Australian Property Journal archive
A 2.5-hectare Acacia Ridge vacant site is set for an upmarket industrial subdivision development, as commercial opportunities in the region become scarce.
A Queensland investor acquired the 170 Postle Street site in Brisbane’s south for $2 million. It adjoins a 7-hectare property with a new purpose-built facility that was leased to Lindsay Australia last year.
Levi Maxwell of Colliers International negotiated the sale and will eventually be marketing the new subdivision on behalf of the owner.
He said the site was purchased at $80 per sqm without DA approval, and requires headworks and civil works.
“Our client is currently seeking a DA approval for a boutique small lot industrial subdivision which they will offer for sale or lease,”
He said there is also a lot of developers chasing sites of this scale, but there is currently no prime land available in Acacia Ridge.
“And if you are an occupier chasing a purpose built facility, there are only limited opportunities left which are located further south along the Logan Motorway.”
Maxwell said there are currently far more owner occupiers than tenants actively seeking opportunities within the precinct, with secondary grade properties taken to auction over the last 12 months snapped up quickly due to limited availability of stock.
“Owner occupiers are finding it cheaper to service a loan than continue paying rent, particularly for the stock in the $1 million to $5 million value range,” he said. “Over the coming year the industrial properties in the precinct are likely to experience further pressure on yields due to limited availability of stock and land opportunities for large scale facilities.”
Australian Property Journal
