This article is from the Australian Property Journal archive
PRIVATELY owned Sydney development and civil infrastructure company Hannas has netted $34 million in sales within a fortnight of launching a new industrial estate in northern Sydney.
The $66 million Rockwater Brookvale industrial estate at 101 Old Pittwater Road will include 34 warehouse and 46 storage units across multiple levels.
Only 12 of the warehouses are remaining, with level one sold out and storage units also in high demand.
The strata development follows the success of Hannas’ $75 million project last year, Arc Lane Cove. Within months its launch, all the warehouses were sold off the plan and half of the storage units had also been snapped up, a year out from the estate being completed.
“What we learnt from Arc is that there’s significant occupier demand for a premium work experience that seamlessly integrates warehousing, modern offices and storage space across a range of sizes,” Hannas CEO Danny Hanna said, adding that Brookvale is also in “dire need” of new industrial stock.
CBRE steered the successful Arc Lane Cove launch and is also driving the Rockwater Brookvale campaign, together with local agency Shore Commercial.
Designed by architecture firm Rothelowman, the 6,577 sqm, three-level complex will offer 4,637 sqm of industrial space, incorporating units ranging from 98 to 267 sqm. The remaining space will be dedicated to storage in units sized from 26 to 106 sqm.
“We’re seeing huge demand for premium commercial/industrial space with a high level of functionality. There is a scarcity of this type of product, and we expect to field significant occupier and investor interest given the tightly held nature of the Brookvale market,” CBRE’s Caris Kinsella said.
Shore Commercial’s Martin O’Brien said the development would cater to increased demand from smaller local businesses wanting to owner occupy as well as investors.
Development approval is expected in November, and completion in the December quarter of 2023.
In Australian Property Journal’s Talking Property podcast, MaxCap Group’s David Oudshoorn said that he doesn’t think it will be too long before more multi-level industrial developments are seen at inner-city last-mile logistics sites.
Hanna said the group had an aggressive growth strategy and was targeting projects across greater Sydney and south-east Queensland.
