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Roller doors raised at Centennial’s speculative new build in Brisbane’s southern industrial corridor of Willawong
Centennial and JV partner MaxCap Group’s institutional grade $100m ‘The Link Industrial Park’ reaches practical completion in late June (2024)
GFA covers 32,542 sqm across three warehouses and nine tenancies ranging from 1,440 to 14,111 sqm (50 per cent site coverage)
Global transport giant, FedEx Logistics commits to 2,690 sqm tenancy brokered by Harry Homan of JLL
Australasian hospitality group, Vendella commits to 1,441 sqm brokered by FAL Property Group’s John Andrew
The Link Industrial Park is an amalgamation of three sites (142 & 162-172 Sherbrooke Rd, Willawong) acquired in January 2022 for $14.35m and delivered with construction partner McNab
BRISBANE, QLD: Centennial has recently completed a speculative new build logistics development – The Link Industrial Park – at Willawong in Brisbane’s inner south in collaboration with joint venture partner, MaxCap Group.
Built by McNab, the $100 million industrial park comprises 32,542 sqm of gross lettable area across three new 5-Star environmentally sustainable designed (ESD) warehouses featuring nine tenancies and hardstand areas with two tenancies leased during construction.
Taking advantage of internal ceiling height clearances up to 13.7m, 6-metre-wide roller doors and all-weather docks is global transportation giant FedEx Logistics, which has committed to a 2,690 sqm tenancy over a long term lease in a deal brokered by Harry Homan of JLL.
Joining FedEx Logistics is Australasian hotel and resort hospitality supplier, Vendella which has signed a 5-year lease for a 1,441 sqm warehouse and office tenancy that was brokered by FAL Group’s John Andrew.
Michael Richardson and Michael Callow of CG Property and Jack Hardy and Peter Turnbull of CBRE are the appointed leasing agents.
Completion of the Link Industrial Park represents an additional strategy from the national fund manager and developer’s traditional business model of regenerating underutilised or vacant mid-space warehouses in last-mile or urban industrial infill regions and transforming them into institutional grade assets.
Having acquired and developed a portfolio of 63 industrial assets worth more than $1.3 billion in just six years, Centennial’s Head of Property Funds, David Cupit said, “The Link Industrial Park presented an excellent opportunity to partner with MaxCap to develop an institutional grade, mid-space logistics estate in a highly land constrained infill region.
“Bordering Acacia Ridge, which is widely regarded as the inner-south’s industrial heartland there has been no let-up in demand for last mile industrial sites,” Mr Cupit said. “That demand is now pushing into neighbouring areas such as Willawong which is establishing itself as an industrial hub in its own right.”
Evidence of the drawing power of the region can also be traced by the number of larger industrial players that have set down roots in Willawong or nearby, including Charter Hall, ESR, Fife Capital, Frasers and Stockland.
“Centennial is pleased to have delivered an institutional grade industrial and logistics project to the local area and particularly for businesses seeking mid-space tenancies of between 1,500 to 14,500 sqm,” Mr Cupit said.
“The Link’s connectivity to major road, rail, port infrastructure networks including the Gateway, Logan and Ipswich Motorways all within 10 kilometres will be key drivers in filling the remaining tenancies that offer direct access to Brisbane’s port, airport and interstate road and rail freight networks.”
Mr Cupit concluded by adding Centennial was poised to emulate the success of The Link Industrial Park with the group having recently started construction on another new speculative build, to build its 16,300 sqm Geebung Industrial Park in Brisbane’s northern industrial hub of Geebung, in partnership with KKR.
Stage one of the project is expected to be completed in Q3 2024 and will also deliver a range of 5-star ESD Rated initiatives and A-grade tenancies ranging from 2,500 sqm to 13,600 sqm in size, with Stage Two due to commence Q3 2024 delivering a further 9,010 sqm of institutional-grade industrial space.
