Centennial Property Group and MaxCap Group have purchased three adjoining Willawong industrial sites from separate owners for a total of $14.35 million.
The pair are intending a c$90m business park on the 7.9 hectare amalgamation – with c32,000 square metres in nine buildings.
To be branded The Link Industrial Park, construction will be speculative.
Completion is scheduled by the end of next year.
Agency HQ’s Jack Barrett was the agent.
The Link Industrial Park
Centennial chief executive officer, Industrial & Logisitcs, said the project exposes it to the mid-space market, of which it is the third biggest landlord in the state (story continues below).
“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,” he added.
“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 1200 sqm GLA right up to 20,000 sqm,” according to the executive.
MaxCap head of Direct Investments, Simon Hulett, said the development is a fit for its Diversified Opportunity Fund (MDPF).
“It’s relatively rare to find such a significant parcel of land in this location, and with record low vacancy in the core Central South precinct across Acacia Ridge and Coopers Plain, there is currently significant interest in new buildings in Willawong,” he added.
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