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News release

BRISBANE

Port precinct packs in with one of the last freehold lots sold


Sitting within the State Government Lytton Industrial Estate, 42 Export Street has been sold for $4.1 million to a joint venture between an established Brisbane based construction group and a Victorian developer, in a deal negotiated by JLL’s Industrial team Brendan Delahunty and Chris Davis.

JLL confirmed the deal on behalf of Economic Development Queensland; it was one of the last lots for sale within the Lytton Industrial Estate.   

The 12,889sqm property is a prime industrial location, not only for its proximity to the Port of Brisbane, but also due to its arterial connectivity to the Gateway Motorway, allowing for quick access to the Brisbane Airport and CBD.

JLL’s Brendan Delahunty and Chris Davis introduced and finalised the sale, offering the joint venture the opportunity to secure one of the last freehold land parcels within the Port precinct.  

“Their plan is to develop the lot and be part of this precinct which is home to major occupiers including K-mart, Bunnings, Toll and Silk Logistics,” said Mr Delahunty, JLL’s Senior Executive of Industrial in Queensland.

“Situated within the Australia TradeCoast (ATC) precinct, Australia’s fastest growing trade and industry region, the area has a genuine shortage of land available for occupiers to purchase, with the majority of large tracks of industrial land owned by major developers in the region, which include the Port of Brisbane, DEXUS, Brisbane Airport Corporation, Charter Hall, Watpac and TradeCoast Central,” he said.

Mr Brendan Delahunty said the zoning of the site as general industry meant the property was attractive to a wide range of industrial occupiers, and suited those reliant on Port transport and warehousing.

“The road infrastructure within the ATC and Lytton Industrial Estate has undergone major upgrades in recent years, with the completion of the Port Connection project in mid-2013 drastically improving road access to the area and arterial access between the estate and the Gateway Motorway,” he said.

“These both ensure ongoing demand for property within this area as more industrial occupiers seek to minimise their supply chain costs, by relocating closer to major transport hubs.”

“As Industrial occupiers become more sophisticated in their site selection, their analysis on relocation is seeing a greater focus on achieving more efficiencies within their supply chain. Tenants are more frequently weighing up the benefits of paying a premium rental to reduce drive times and developers seeking to capitalise on this shift in mindset.”

Fellow JLL Senior Executive, Mr Chris Davis added: “Throughout the past three years the Port precinct has seen the highest volume of leasing transactions within the South East Queensland Industrial market, with demand for the area expected to increase.”

“Developers are now seeking to secure strategic land holdings as the Design and Construct market experiences heightened demand. Within the past 12 months over 45,000sqm of warehouse space was pre-committed within the Lytton Industrial Estate alone.”