Fund manager Clarence Property has bought an industrial land estate in outer Brisbane from Multeem for $30 million, tapping into Brisbane’s hot industrial property market.
The Hub Heathwood estate is located at 731 Johnson Road in Heathwood and is near the Logan Motorway interchange in one of the fastest-growing regions in southeast Queensland.
Clarence plans to develop industrial facilities across 24 lots ranging from 500–7000 sqm to cater to a wide variety of tenants.
“We are already fielding significant interest from industrial users, showing there is a strong demand in this location with supporting infrastructure and road networks,” Clarence Property Managing Director Peter Fahey said.
The deal follows Clarence’s recent purchase at 18 Macgregor Place in Richlands, adding another asset in Brisbane’s western corridor to its portfolio.
Knight Frank’s Mark Clifford, who negotiated the transaction, said the property was in a highly sought-after location for industrial, warehouse and office occupiers.
“Hub Heathwood is positioned immediately south of the Heathwood Logistics Estate, which is home to household brands including Woolworths, Coles, Asahi, Hilton Group, and Australia Post,” Clifford said.
There has been a flurry of industrial deals throughout Queensland lately, including Gateway Capital’s purchase of an industrial site in the Brisbane suburb of Acacia Ridge for $28 million last December.
Singapore-headquartered SC Capital Partners bought an 8,600 sqm industrial asset on the Gold Coast for $23.2 million last December, while Dexus Industria REIT acquired a warehouse in the Brisbane’s Narangba for $44.5 million last November.
In other industrial news, Sector Property Group acquired a 6.19-hectare land parcel in Melbourne’s western suburb of Altona for $24.5 million this week, while Ascot Capital purchased a distribution centre near Albury–Wodonga in Victoria for $10.6 million.
Earlier this month, a Charter Hall fund bought an SPC industrial property in Shepparton, Victoria for $66 million, while Logos, KKR and Mubadala Investment bought industrial development sites in Sydney and Melbourne worth a combined end value of $640 million.
Last month, Centuria Industrial REIT acquired a portfolio of six urban industrial assets located across Melbourne, Sydney and Brisbane worth a combined end-value of $132.4 million, following its purchase of four industrial properties across Sydney, Melbourne and Brisbane for $129.4 million last November.
Earlier this month, Colliers Managing Director for Industrial Gavin Bishop said there was an estimated $50 billion worth of capital seeking investments in Australia’s industrial property market.