ESR Australia has fully leased its first speculative development, within its Sherbrooke Industrial Estate in Willawong, Brisbane.
The 430 Sherbrooke Road property is 12,800 sqm. While the site was initially designed to include two larger tenants, customers who made successful bids only needed 3000 and 5000 sqm spaces. ESR revised the development plans to cater for these three tenancies.
It is situated close to Brisbane’s major arterial road networks, leading national businesses and Brisbane Rocklea Markets, the Acacia Ridge Intermodal, Archerfield Airport, and the city’s southwestern industrial precincts.
“The exponential growth of the Queensland industrial market has pushed demand into emerging industrial precincts such as Willawong, so we were quite comfortable undertaking the development speculatively,” Craig Robertson, ESR Queensland General Manager [of] Development says.
“This confidence has been vindicated with the quick uptake of space by Bremick, Davey Water and Speed Panel,” he adds. The building product supplier’s lease will be from three to seven-years long.
The speculative development project will be wholly leased once its construction is completed.
Bremick has secured approximately 5,200 sqm tenancy while Davey Water has leased a 4,200 sqm space and Speed Panel has secured a 3,500 sqm tenancy.
Current rental rates in the area range between $115 to $125 psm net although rentals have yet to be disclosed.
“ESR Australia welcomes our new customers, and we look forward to working with each throughout the construction period to ensure the facilities truly cater to their requirements,” Craig says.
CBRE’s Jack Hardy and Peter Turnbull from the Advisory & Transaction Services and Industrial & Logistics team secured the lease agreement with Bremick.
Jack also negotiated the deals with Davey Water and Speed Panel with tenant representative Michael Richardson from CBRE’s Occupier business.
“Occupiers are focusing on improving efficiencies through automation and scale, and businesses are looking to hold more stock onsite, which is driving demand for greater warehouse heights to accommodate increased future stock levels,” Jack says.
“This has underpinned considerable interest in Sherbrooke Industrial Estate, given its quality construction, large internal warehouse heights – providing the ability to scale [racking] higher – and the provision of corporate office accommodation for staff.”
The remaining sites in the ESR estate were pre-committed following design and construct deals.
The 6.1ha ESR Sherbrooke Industrial Estate has DA approval for 24/7 access to the site and provision for B-Doubles.
For more information on CBRE , click here.
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