Hines lands tenant for speculative Gold Coast warehouse

The Lahrs Road property (marked), 35 kilometres from Surfers Paradise.

Hines has secured an occupier to a new Gold Coast cold storage facility.

Melbourne headquartered Auscool Logistics has taken the 11,197 square metre complex, 31 Lahrs Road, Ormeau – after being offered in February in two equal sized parts.

Auscool took the entire Ormeau facility which was offered in halves.

The US-based landlord had only just settled after buying the land in mid-2022.

The Gay Group of Companies, of Brisbane, was the seller.

Cushman & Wakefield’s Morgan Ruig acted for them; the property was one of several Hines acquired as part of a move into the Australian industrial sector.

Mr Ruig with colleague Matt Richards also negotiated the lease deal – before practical completion at the asking rent.

Ormeau is about 35 kilometres north of Surfers Paradise (story continues below).

Deal makes two in Queensland

The Ormeau facility will be Auscool’s second in Queensland – it also occupies a depot at Innisfail, Brisbane.

“Expanding into Queensland has been a long awaited goal,” the company’s general manager, Ryan Johnstone, said.

The property is also 10 kms from the Logan Motorway, and about an hour drive from the Port of Brisbane, he added.

Elsewhere in the street, Centuria owns a cold storage investment – after outlaying $43m in late 2020.

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Marc Pallisco

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