Brisbane’s South Lures Stockland With $41.5m Site Sale


A 21.25-hectare parcel of land in Brisbane’s south has been snapped up for $41.5 million, as investors swoop on industrial and logistics properties with sale and leaseback deals.

Diversified property group Stockland and joint venture partner Fife Group snapped up the industrial development site, located in Willawong about 16-kilometres south of Brisbane CBD.

CBRE, who managed the sale, would not be drawn on the identity of the buyer, other than confirming it had been purchased by a “domestic entity”.

The latest move builds on Stockland’s partnership with Sydney-based fund manager Fife, after the two entered into a joint venture arrangement for the development of more than 70 hectares of logistics facilities in western Sydney in October 2019.

Caterpillar equipment dealer Hastings Deering offloaded the Willawong property, and had undertaken major works at the site in 2013.

Hastings Deering, which was taken over by Malaysia based Sime Darby in 1992, is well known in Queensland, where it sells and rents machinery such as Caterpillar earthmoving equipment.

Property records show the company had purchased the Willawong site in June 2011 for $19.4 million.

Related: Stockland Moves On $212m of Brisbane Logistics Assets

▲  A 21.25ha parcel of land at 182 Bowhill Road, Willawong has transacted in Brisbane’s south for $41.5 million.
▲ A 21.25ha parcel of land at 182 Bowhill Road, Willawong has transacted in Brisbane’s south for $41.5 million.

ASX-listed Stockland has said it is looking to expand its workplace and logistics portfolio of assets by 2024.

The landholding, at 182 Bowhill Road, has dual frontage on Bowhill and Sherbrooke Roads at the northern end of the southside’s "Golden Triangle" located within Ipswich Road, Beaudesert Road and the Logan Motorway.

Marketed as one of Brisbane’s last 20-hectare freehold industrial parcels, CBRE’s Chris O'Brien, Edward Bull and Peter Turnbull managed the transaction, which includes a short-term leaseback to Hastings Deering.

“Given the appeal of the short-term holding income, there was strong interest from offshore and onshore parties,” Turnbull said.

Nearby, ESR Australia is developing a $57 million industrial estate at 450 Sherbrooke Road in Willawong.

It recently started construction on the project's first stage, a purpose-built transport depot.

Further south, Brisbane developer Pointcorp is behind a 157-hectare logistics estate in Logan City.

The Crestmead logistics estate, located on the corner of Green and Clarke Road, is expected to be worth $1.5 billion when completed.

The Logan based project’s first stage—36 hectares of the industrial estate—was snapped up by Singapore-based property giant Mapletree Investments for $90 million in late 2019.

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