Lang Walker has sold a 21 hectare piece of Bundamba’s Citiswich Business Park to another Sydney investor, fund manager Aliro, which is planning a subdivision and sell down.
The deal for 88 Hume Drive – negotiated last year and settling in July – is worth just over $70 million including GST.
Aliro intends to create lots from hectares; the land is serviced and benched.
Mr Walker’s Walker Corporation meanwhile has applied to subdivide the last 50ha of the 388ha business park, which has been taking shape since c2008.
His parcels will be listed later this year.
Caltex’s Bundamba Travel Centre, Costco, the Imbibis Craft Distillery, SAAB Technologies, TAE Aerospace and The Reject Shop are amongst the highest profile Citiswich occupiers.
The 88 Hume Dve site is the priciest Walker has sold down – trumping a 2021 deal for 14ha to Arrow Capital Partners.
“Citiswich continues to evolve as one of south east Queensland’s premium master-planned estates that caters for a wide mix of corporate business and industry uses,” Walker’s Todd Martindale said.
“With a combination of factors including an ongoing mandate from business to improve supply chains, the extreme shortage of land supply in the greater Brisbane area, along with high costs to build new industrial land subdivisions, it is expected that land rates well in excess of $500 per square mere are now the benchmark for serviced industrial lots of one hectare plus, still being very competitive against the more costly Sydney and Melbourne…markets,” according to the executive.
Knight Frank’s Mark Clifford brokered the 88 Hume Dve deal.
“Walker has been in this estate for the long haul, and is now seeking some great rewards for an ongoing commitment in delivering this large scale, master-planned estate that sits in a superb strategic location at the junction of three of the major highway routes, being the Ipswich Motorway, Warrego and Cunningham Highways,” according to the executive.
“Given the growth in Brisbane’s western corridor, the high level of demand from industrial users in this location and the lack of industrial land in the Brisbane area, it’s clear to see that Citiswich is in high demand,” he added.
Bundamba is 30 kilometres south west of Brisbane’s CBD.
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