Australian property fund manager Centennial Property Group and real estate investor MaxCap Group have partnered for a $90-million joint venture that will deliver an industrial park in Willawong.
The proposed development comprises the three adjoining sites at 162-172 Sherbrooke Road and 142 Sherbrooke Road, Willawong that were acquired from separate vendors for a total price of $14.35 million. Simon Hulett, MaxCap’s Head of Direct Investment described the off-market acquisitions as a strong strategic fit for their Diversified Opportunity Fund (MDOF).
“It’s relatively rare to find a such a significant parcel of land in this location, and with record low vacancy in the core Central South precinct around Acacia Ridge and Coopers Plains, there is currently significant interest in new buildings in Willawong,” Mr Barrett explained.
According to Centennial Executive Director and CEO-Industrial & Logistics, Paul Ford, the acquisitions strengthened Centennial’s growing and niche portfolio within the industrial and logistics ‘mid-space’ market. The company is considered Brisbane’s third largest manager of “mid-space” assets.
“The strategic off-market purchase of these sites in Willawong has been completed in line with our focus on delivering institutional grade ‘mid-space’ warehouse accommodation, with strong connectivity to major distribution networks in land-constrained, inner-ring locations at scale, and will enhance Centennial’s geographic diversification in the Queensland market,” Mr Ford said.
The newly formed 8ha Willawong estate will be the project site for the proposed “The Link Industrial Park” which will comprise nine office/warehouse buildings to be built over two stages. Tendering for the speculative construction of the industrial park has also commenced with a completion date anticipated in the last quarter of 2023.
The Link Industrial Park will have a total site coverage of 50 per cent, 32,000sqm gross leasable area with a value of $90 million once completed. It will offer direct access to transport hubs and major arterials, including the Gateway, Logan and Ipswich Motorways (within 10kms) and Pacific Highway (within 13kms) which will ensure connectivity to Brisbane City’s port and airport.
“When complete, the estate at 142-172 Sherbrooke Road will have significant appeal for a broad range of end user customers courtesy of Willawong’s land-constrained, last-mile location, quality of design and finishes and flexibility in the range of warehouse configurations and sizes, from 1,200sqm GLA right up to 20,000 sqm GLA.”
The new estate is situated between the Logan Motorway and the Acacia Ridge Rail Marshalling Yards.
142 Sherbrooke Rd, Willawong QLD 4110, Australia