Brisbane's premier industrial precinct, TradeCoast Central, Eagle Farm, has seen a surge in leasing activity, with four deals recently secured by Cushman & Wakefield.
The transactions, including one pre-commit and three speculative developments, total over 26,000 sqm, and showcase the continued demand for high-quality industrial properties in the area.
The 120ha industrial precinct, owned and operated by TradeCoast Central Pty Ltd, has become a state-of-the-art business park, thanks to its strategic location and access to major transport links, including the Brisbane airport, Gateway Motorway, and Port of Brisbane.
The four tenants, including international and national businesses, as well as a government tenant, are relocating or expanding from older, smaller facilities, reflecting the demand for newer, more efficient spaces within TradeCoast Central.
Among the deals negotiated by Cushman & Wakefield’s Myles Fredericksen, along with colleague Bevan Galloway, is a 10-year lease for an 8,600 sqm design and construct building at Lot 38 Charles Ulm Place. Neta Tire Service & Sales is moving into the site, which includes 600 sqm of commercial grade ground floor office, 8,000 sqm of high bay warehouse, and 3,000 sqm of hardstand.
With the residual land at Charles Ulm Place the developer has also built a 4,000 sqm speculative building on a 1-hectare site, which has been leased to a QLD State Government tenant for a five-year term. This building features 400 sqm of commercial grade office over two levels and a 3,600 sqm high bay warehouse. Completion is expected in May 2023.
National garden and plumbing supply company, Holman Industries, has committed to a speculative 7,500 sqm freestanding facility on a 1.6-hectare site on Clyde Gessel Place. Cushman & Wakefield has leased the residual 6,000 sqm tenancy of a approx. 14,000sqm speculative warehouse development to an international freight forwarder on a 7-year lease, whilst one of the developer's existing tenants is expanding into the other 8,000 sqm tenancy at 313 William Farrior Place.
According to Mr Fredericksen, the strong demand for commercial and industrial properties in the North TradeCoast are expected to continue, leading to more design and construct and pre-commits to speculative developments. With record low vacancy rates in the area, rental rates are also projected to increase.
“Businesses seeking a prime location within the TradeCoast are advised to act fast due to the shortage of commercial and industrial space in Eagle Farm” he said.
