GARDA Property Group is spending $30 million on three Brisbane industrial sites with plans for 128,000 square metre of product – trebling its development pipeline.
In the biggest deal the ASX listed group is outlaying $16m on a 32.38 hectare property, 109-135 Boundary Road, North Lakes.
About 22.4ha is developable.
Potentially, c98,000 sqm of real estate is deliverable.
“GARDA’s intention is to create a master-planned business industrial park including dedicated precincts that support the development of premises for small, medium and large customers,” a statement said.
“After settlement, it is anticipated…it will take approximately 12 months to finalise town planning and relevant approvals and a further [year] to complete bulk earth works and initial civil works”.
JLL’s Gary Hyland and Nick Bandiera were the sales agents.
The purchase price excludes costs; settlement is scheduled in mid-June.
South west of Brisbane, GARDA is paying $7.2m for a 4.125ha parcel at 405 Progress Rd, Wacol – with plans for a c17,000 sqm estate.
This site is near the company’s Pinnacle on Progress business park (498 Progress Rd).
Development approval is expected in first half of 2022 with civil works planned to be completed by the end of the third quarter (story continues below).
At nearby Richlands, a 3.035ha property, 56-72 Bandara St, is costing $6.8m.
Settlement is expected this September.
This flat, development-ready site is earmarked for c13,000 sqm of product, all of which is now seeking pre-commitment.
In a statement, GARDA said about 40,000 sqm of industrial buildings are under construction in the street.
GARDA’s present industrial development pipeline forecasts 44,309 sqm of gross lettable area.
“Following settlement of these acquisitions, 52 per cent of GARDA’s property portfolio by value will comprise high quality industrial properties in attractive locations,” the company’s executive chairman, Matthew Madsen, said.
“This proportion will increase as our 172,000 sqm industrial pipeline is built out,” he added.
The latest purchases will be funded from existing debt facilities.