Centuria Industrial REIT buys Citiswich Business Park lot and plans to build a build a $17.5m office/warehouse
A business park that boasts a swag of leading names has pumped up its pipeline with an investment fund planning to build a large office/warehouse.
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A LEADING industrial investment fund has secured a site in growing business park west of Brisbane to build $17.5 million office/warehouse.
Centuria Industrial REIT (CIP) secured its third property in the Walker Corporation’s Citiswich Business Park at Bundamba with the purchase of a 2.4ha lot on Hoepner Rd.
Knight Frank and Colliers International were appointed to secure tenant precommitment on
behalf of CIP.
CIP has development approval for a 10,244sq m office/warehouse with a 50m wide hardstand loading area.
With land prices in the business park between $220/sq m and $250/sq m the 2.4ha lot would have sold for between $5.3m to $6m.
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Walker Corporation’s Todd Martindale said Citiswich continued to attract new businesses to the estate for its connectivity to Brisbane’s major commuter and freight corridors.
“Citiswich has direct access to the Warrego Highway from the north and Brisbane Road from
the south – it is strategically positioned near the junction of the Ipswich Motorway and
Cunningham Highway,” he said.
“Major industries are seeing huge potential in the estate, which has a mix of land sizes on
offer at the most affordable prices.”
Sales activity in the business park has accelerated in the past 12 months – it is now home to
major industries including transport and logistics, health, defence and agriculture
TAE Aerospace, a global aerospace company serving commercial and defence customers
worldwide, and Mylan, one of Australia’s leading suppliers of medicines to the
Pharmaceutical Benefits Scheme, both recently joined the Citiswich Business Park.
Costco also marked its one-year anniversary in May this year.
CIP fund manager Jesse Curtis said: “The acquisition of this development forms part of the
Fund’s strategy to originate and execute value-add initiatives for our investors and enhance
the quality of the portfolio with modern, contemporary product.”
“The acquisition is an opportunity to develop a core industrial facility within the well-established South Western Brisbane industrial precinct, aligning with leasing demand in the market.”
Knight Frank and Colliers International were appointed to secure tenant precommitment on
behalf of CIP.
Citiswich is in a central location to service southeast Queensland — it connects to a direct
high-speed route from Citiswich to the Port of Brisbane, Brisbane Airport, and west to
Toowoomba.
On the back of this recent growth and the completion of the estate’s Hume Drive extension
Walker is releasing new lots. Land in the business park is available from 2500sq m up to 20ha.
An existing building comprising 6575sq m is also now available for lease or sale.