This article is from the Australian Property Journal archive
AUSTRALIA’S largest equipment hire company, Coates Hire, has signed a long term lease at Watpac’s Kingston Industrial Estate, in the largest deal completed over the past two years.
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The major lease is for 47,000 sqm of space, at the Kingston Industrial Estate in Logan City, just south of Brisbane, at an annual rental of around $24 per metre for 15 years.
This is the largest industrial land lease deal completed in the last two years in south-east Queensland.
David Seale of Colliers International negotiated the leasing deal.
The Coates Hire site also has 200m of direct frontage to the busy Logan Motorway, with on and off-ramps only 1km away, offering impressive brand exposure for the company.
Watpac’s specialty services division will be undertaking construction of new facilities for Coates Hire, including 400 sqm of office space, a 2,000 sqm preparation shed, wash bays and a substantial hard stand area.
Two balance land parcels of approximately 10,500 sqm and 6,500 sqm are available for immediate sale and/or lease, which have the benefit of a current development approval for warehousing uses.
Colliers International and Savills are managing the campaign to lease or sell these lots
Watpac’s managing director Greg Kempton said the lease is a significant transaction for Watpac’s property division in the current market.
“Being responsible for the largest industrial land lease in two years is something we are particularly proud of, and which cements our reputation as a quality property developer.
“Furthermore, it is indicative of strengthening demand in the industrial property market in south-east Queensland, and offers a positive sign of the resurgence of tenant activity and prospects for future growth,” he added.
Coates Hire operations manager Richard Greenwood said the site will consolidate eight current hire facilities into one Brisbane Metropolitan portable building hub location.
“We have been very impressed with the professionalism of the Watpac team who have helped with the development of the design concept and we look forward to delivering the benefits to our customers who hire Portable building packages from Coates Hire,” Greenwood concluded.
Australian Property Journal