Mapletree expands Crestmead footprint
Mapletree Investments has secured an 18.6 hectare site to expand by a third a business park which has been taking shape there since 2019.
The latest parcel is costing c$53 million according to sources, earmarked for c85,000 square metres of product.
The Mapletree Logistics Park beside it, spreading 36ha, will accommodate c200,000 sqm.
Singapore based Mapletree paid $90m for that parcel four years ago.
Both properties sit within Pointcorp’s Crestmead Logistics Estate, expected to contain up to a million sqm; Bevchain, Bunnings and Visy are amongst the highest profile occupiers.
Neighbours unite
Pointcorp, which has been developing the CLE since 2014, brokered the Mapletree land deal.
“Mapletree wanted a large continuous parcel and we didn’t have any,” director Chris Vitale told The Courier Mail, which is reporting the transaction (story continues below).
“We approached our neighbours and asked them if they would be interested in amalgamating our two sites and two of their sites into four blocks,” he added.
“We got together and came up with a price that was good for everyone,” according to the developer.
It is the only large scale, fully serviced, vegetation free contagious parcel in the Logan corridor, he said.
Location HQ acted for one of the private owners, for a parcel on Park Ridge Rd.
Pointcorp will now complete civil and works and deliver the estate for the buyer which is completing the third stage of Mapletree Logistics Estate.
Crestmead is about 25 kilometres south of Brisbane’s CBD.
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