E-commerce giant JD.com’s property arm is set to buy one of Brisbane’s most coveted industrial estates for more than $240 million as foreign investors jostle for a position in one of the world’s tightest industrial markets.

The Chinese conglomerate is in advanced due diligence talks with logistics giant ESR, which controls the prime industrial estate, to acquire the Wacol Logistics Hub. Contracts of sale are expected to be exchanged by the end of the month, according to sources familiar with the estate.