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Frasers Property Australia has expanded its landbank in Brisbane’s Berrinba suburb and exchanged contracts to acquire a 44,580 sqm site from Logan City Council, situated within South West 1.
Berrinba – Brisbane – 28 March 2017 – Frasers Property Australia has expanded its landbank in Brisbane’s Berrinba suburb and exchanged contracts to acquire a 44,580 sqm site from Logan City Council, situated within South West 1.
Located at 43 – 51 Kellar Street and 171 – 183 Wayne Goss Drive, Frasers Property plans to develop the land parcel over the next 12 to 18 months.
Ian Barter, General Manager Northern Region for Frasers Property Australia’s Commercial and Industrial division comments, “We saw this site as an excellent opportunity to restock our landbank within Berrinba, following successful developments at Berrinba Logistics Estate and South West 1. We are currently developing investment product with an estimated value of $55 million on completion in South West 1, with commitments from National Tiles and Avery Dennison.
“We believe the region will continue to attract strong interest from major logistics, transport and warehousing groups seeking A-Grade distribution facilities, which is what we are delivering.”
Logan City Council’s City Image Chairperson, Councillor Laurie Smith, said the city was fast becoming the first choice for the transport and logistics sector because of its excellent connectivity and accessibility to key transport infrastructure.
“Combined with competitive land prices across our city, major players in that sector have recognised the strategic sense in locating themselves in the middle of the rapidly growing South East Queensland region. The South West 1 development in Berrinba was created by Logan City Council to draw investment and jobs to the city.
“Frasers Property has a proven track record in delivering successful developments in Berrinba and this recent acquisition, only demonstrates the value potential that a national company of its scale sees in the area.”
Callum Stenson of Savills who negotiated the deal on behalf of the Logan City Council emphasised that the shortage of quality land along the Logan Motorway corridor was now becoming acute. “Berrinba is fast becoming a primary logistics hub. This will be further boosted by the works upgrading the Wembley Road interchange, which is part of Transurban Queensland’s $512 million Logan Enhancement project, approved by The Queensland Government.”
The new acquisition is approximately 500 metres south of the facility that Frasers Property is currently developing within South West 1. South West 1 was created by Logan City Council. The new acquisition makes Frasers Property one of the largest land holders and developers within the estate.
In addition to the projects in South West 1, Frasers Property is currently developing facilities in Yatala Central with an estimated end value in excess of $60 million.
The new Berrinba site is situated approximately 23 kilometres south-east of the Brisbane CBD and is located in close proximity to the Logan Motorway.