A syndicate is paying $17.75 million for an Acacia Ridge industrial property with plans to demolish an office and further refurbish the improvements which will be marketed for lease.
The ex-Mitre 10 regional distribution centre at 131 Beenleigh Road last traded in 2016 for $26.9m.
On 4.7 hectares, it adjoins the Acacia Ridge Rail Marshalling Yards, 12 kilometres south of Brisbane.
Three weeks ago ESR Australia Development Partnership paid 151 Property c$90m for an 18ha industrial investment in the suburb, also with the intention of refurbishing it, and letting it in parts.
In July, Frasers Logistics and Industrial Trust spent $25.2m on a 1.5ha Acacia Ridge investment.
Acacia Ridge considered convenient: agents
“Previously a mecca for all large-scale logistics users, [Acacia Ridge] has now become an ‘infill location’,” according to Knight Frank’s David Knox, who brokered the sale with Lachlan Hateley (story continues below).
“There is a distinct lack of B-grade quality stock in the core south precincts, which provide a more cost-effective proposition for users looking to maintain quick access to the CBD whilst being in close proximity to the…marshalling yards.
“Following the acceleration of e-commerce during the COVID lockdown, coupled with large parcels of land remaining increasingly scarce, we expect demand to remain and prices to continue trending upwards,” the executive said of the location.
The agency, with Cushman & Wakefield, is now marketing the spaces for lease as within the Beenleigh Distribution Centre.
Once the office is demolished, the investment will contain about 26,000 square metres of sprinklered, lettable area, accessed from a combination of five on-grade roller doors and five loading docks.
The site also has drive-around access for B-Double trucks.
The facility is close to major arterials including Beaudesert Rd, Ipswich and Logan motorways, and the M1 Pacific Highway.