Incitec Pivot Limited has put its 58ha Gibson Island property in Brisbane on the market
Incitec Pivot Limited has put its mega Gibson Island property in the Brisbane River, touted as the largest industrial sale of its kind on the eastern seaboard, on the market.
Business
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ASX-listed explosives and fertilisers group Incitec Pivot Limited has put its Gibson Island property in the Brisbane River on the market.
The property is touted as the largest industrial land and deepwater wharf for sale on the eastern seaboard.
The 58ha of industrial land and more than 1km of river frontage with wharf access, has hit the market through Colliers.
Colliers Queensland chief executive Simon Beirne – who declined to comment on a potential price – said he expected strong interest from both developers and occupiers.
“This site offers unprecedented potential to develop a world-class logistics estate in the heart of the Australia TradeCoast precinct that could change the face of Brisbane,” he said.
“Strategically located within the heart of the Australia TradeCoast precinct, this site provides direct access to the Port of Brisbane making it a highly sought-after development opportunity in a land-constrained market.
“We are expecting extreme interest in this unprecedented development site, especially considering the location, scale and land-constricted market.
“We have no land left in the TradeCoast; this will be the last major development site for industrial in Brisbane of this scale.”
Market sources contacted by The Australian speculated that the property could sell for more than $250m.
In November last year IPL announced plans to sell its 57.94ha Gibson Island site at Murarrie in Brisbane’s east, which had been producing ammonia, urea and ammonium sulphate since 1969. It closed in January 2023.
Later this year, IPL will relocate its Gibson Island primary distribution centre to a third-party facility at the Port of Brisbane.
Mr Beirne, who is selling the property with Rob Joyes, Peter Evans and James Wilkie, said they were seeking international expressions of interest for the site which is 10km from the Brisbane CBD and has direct access to the Port of Brisbane.
He said the fundamentals across the Australian industrial and logistics sector continued to be strong.
“In 2024, Brisbane recorded over 823,000 sqm of take up, with the gap between Sydney, Melbourne and Brisbane continuing to narrow,” he said.
“Capital values in Australia TradeCoast remain 20 to 25 per cent higher than other Brisbane industrial precincts due to well developed infrastructure, including its proximity to the port and airport, which continues to drive higher demand.”
Mr Beirne said site offered a rare opportunity to transform land as users are able to control their own import and export movements. It has 1.165km of river frontage with wharf access, which is a sought-after commodity.
“And with special industry zoning the site has the ability to handle a multitude of users with high impact industrial applications,” he said.
“Over the past decade, raw industrial land values in the Australia TradeCoast have risen by 136 per cent, including a 57 per cent increase in the last five years alone, highlighting the area’s high demand and limited supply.
“As a result of this strong interest, rental rates in the precinct remain the highest, exceeding those in other industrial areas by 5 to 15 per cent, depending on the grade.”
Originally published as Incitec Pivot Limited has put its 58ha Gibson Island property in Brisbane on the market
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