Hastings Deering sells Willawong industrial site for $41.5m

Since acquiring the property for $19.4m in 2011, Hastings Deering spent on fencing, lighting, plumbing and site compaction.

Major Caterpillar distributor Hastings Deering has sold a Brisbane industrial development site for $41.5 million.

The Willawong property at 182 Bowhill Road, south of Archerfield Airport, was offered with a short leaseback.

CBRE’s Chris O’Brien, Edward Bull and Peter Turnbull marketed it via an expressions of interest campaign.

The vendor paid $19.4m in 2011, later investing in security fencing, lighting, site compaction and drainage.

“This Willawong site represented a rare opportunity to purchase a large, freehold and zoned parcel of industrial land within greater Brisbane,” Mr Turnbull said.

“Given the appeal of the short-term holding income, there was strong interest from offshore and onshore parties in a competitive on-market program” (story continues below).

Zoned Industrial B, the property has a second street frontage, to Sherbrooke Rd, and is at the edge of a pocket describe as the southside’s Golden Triangle – bound by Ipswich and Beaudesert roads and Logan Motorway.

Willawong is about 16 kilometres south of the city.

The purchaser is speculated to be Stockland in partnership with Fife.

The pair 11 months ago entered a $212m agreement to acquire two Brisbane industrial investments and construct a c70ha logistics centre in Sydney’s west.

The Industrial B zoned site is about 16 kilometres south of Brisbane.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.