Osprey Estate leases just over 12,400sqm of A-Grade Warehousing space
BKC Storage leases first warehouse at Osprey Estate in JLL deal
BRISBANE, 30 May 2018 – Osprey Estate, which is an A Grade Industrial Estate on the Port of Brisbane has just signed two new leases of just over 6,000sqm each to tenants BKC Storage and Distribution and Bradken Resources.
BKC, who was introduced by JLL's Associate Director Industrial, Brendan Delahunty, said the company was set to reap benefits in its supply chain and warehousing operations through a relocation and consolidation to Osprey Estate on Osprey Drive. This is largely due to the transport savings achieved by being located on the Port.
BKC have leased the 6,320sqm warehouse on a five year term.
Mr Delahunty said that while the facility itself offered unique characteristics allowing BKC to cater for a more diverse range of clients, it was the Port location that was a major aspect in their site selection.
"Bradken Resources had been an occupier in the estate for many years and have relocated within the estate, backfilling a 6,128sqm building that had become vacant earlier this year. It was a positive outcome for the owners and speaks to the quality of the estate that Bradken were happy to commit on a new three-year lease to a new tenancy within the estate they were already located," he said.
Osprey Estate is a major industrial estate on the Port of Brisbane. Owned by Cromwell Property Group and Monash Private Capital, it comprises four buildings that provide approximately 63,000sqm of A-Grade warehouse space, making this a major industrial holding for both parties.
"Subdued industrial leasing activity, by number of transactions, throughout 2017 have translated to a stagnant growth in rents following. However, to-date tenant activity throughout 2018 has been a lot higher and the expectation is that we will see a higher number of larger leasing deals this year, especially in the A-Grade space," he said.
"Brisbane's industrial market will continue to see a notable rise in speculative supply as a result of the improving economic conditions and positive sentiment around tenant demand."
"Assets like Osprey Estate which is located in a prime strategic position at the entrance to the Port of Brisbane, will continue to see growing occupier demand as tenants focus on the cost savings that can be achieved in their supply chain costs. This ideal location offers users unparalleled access to the Port's wharves, Brisbane Airport and major arterial roads including the Port of Brisbane Motorway and Gateway Motorway."
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com