Investment in Walker Corporation’s Citiswich Business Park in South-East Queensland received another boost, with ASX-200 listed Centuria Industrial REIT (CIP) adding a third property to its Citiswich portfolio.
CIP recently purchased a 2.4-hectare lot with Development Approval (DA), reinforcing its confidence in Queensland’s industrial market and adding to its impressive 12-property Queensland portfolio.
“Citiswich Business Park continues to attract new businesses to the estate for its connectivity to Brisbane’s major commuter and freight corridors,” Walker Corporation’s Todd Martindale said.
“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.
“Major industries are seeing huge potential in the estate, which has a mix of land sizes on offer at the most affordable prices.”
The acquired site has development approval for a 10,244 square metre warehouse and office with a 50 metre wide hardstand loading area.
Jesse Curtis, CIP Fund Manager, 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 pre-commitment on behalf of CIP.
“There is massive competition in the market for any long-term lease, passive investment stock,” Mark Clifford, Joint Head of Queensland Industrial of Knight Frank, said.
“Sophisticated investors are looking for other ways to build their funds under management, and some of the larger groups are now looking to secure prime vacant industrial land to deliver on this.
“We are seeing a massive increase in interest across the board on industrial land from investors and owner occupiers. The industrial market is looking set to prosper given the current levels of demand and activity.”
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 (PBS), both recently joined the Citiswich Business Park. Costco also marked its one-year anniversary in May this year.
“The western corridor continues to attract major occupiers to the region due to its readily available supply of industrial zoned land, high quality of connectivity to the major arterial networks servicing South-East Queensland and a substantial employment base,” Matthew Frazer-Ryan, National Director at Colliers International, said.
“Take-up in the region exceeds over 160,000 square metres of built form commitment in the past two years and continues to underpin the benefits of the region and the ability to cater for demand from significant industrial occupiers.”
Citiswich is in a central location to service South-East 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 2,500 square metres up to twenty hectares.
An existing building comprising 6,575 square metres is also now available for lease or sale.