JLL secures long term Pinkenba lease for Enviro Pipes after extensive Brisbane wide property search
Two key trends revealed as a result of limited low-site-coverage buildings in the northern TradeCoast.
JLL's Gibson Leembruggen at the Pinkenba site
A detailed search undertaken by JLL has led to a new headquarters for leading pipe manufacturing giant Enviro Pipes.
The company will now call 692 Curtin Avenue, Pinkenba, home in a deal negotiated by JLL Executive Industrial — Queensland Gibson Leembruggen.
Relocating from Banyo to larger premises, the company has leased a 13,736sqm site, comprising 3,873sqm of office and warehouse space and an additional 9,863sqm of hardstand, on a seven-year and three-month lease term at approximately $127 per square metre.
This deal represents the final of five transactions at the 5.27ha property, which is now fully leased.
Mr Leembruggen said the tenant was in the market for approximately six months searching for a suitable low-site-coverage facility, with JLL able to source a creative solution and provide additional hardstand due to minimal comparable options being available in the market.
"Due to the current severe shortage of quality low-site-coverage building options, particularly within the TradeCoast and inner northern industrial precinct, we searched as far west as Wacol and north to Brendale to secure the right space for Enviro Pipes," he said.
"In the end a significant refurbishment of 692 Curtin Avenue, Pinkenba, was required, including the demolition of an obsolete building to provide additional hardstand space. The refurbishment in conjunction with the strategic northern TradeCoast location proved the primary two factors in securing the national occupier."
Commenting on the current industrial conditions, Mr Leembruggen said: "Due to the limited supply of quality low-site-coverage building options in the TradeCoast and inner-northern industrial region, two key trends are emerging: the first is occupiers are looking further afield to secure facilities with an abundance of hardstand, and the second is owners are favouring redeveloping low-site-coverage facilities into multiple warehouses – due to the greater rental returns that office and warehouse accommodation provides in comparison to hardstand.
"Both of these factors are a function of the significantly diminishing land supply in the core Brisbane industrial markets, particularly within the TradeCoast precinct."
Following the deal, Mr Leembruggen introduced Enviro Pipes Pty Ltd to the JLL Melbourne team, which subsequently assisted the company in securing a 4,404sqm low-site-coverage facility on a 28,330sqm site in Campbellfield, Victoria.
The northern TradeCoast industrial suburb of Pinkenba is about 11km from the Brisbane CBD. With direct connectivity to Kingsford Smith Drive, the property also has immediate access to the Brisbane Airport and the Gateway Arterials, providing a highly desirable location for a range of industrial users.
The Enviro Pipes transaction represents one of six leasing deals completed by JLL on behalf of the lessor within the northern TradeCoast or inner north over the past 18 months.