MORE than $2.5 million in land has already been sold off the plan in the Waratah Industry Park at Acacia Ridge with $30 million worth of industrial lots now released to market.
A subdivision providing the last remaining small industrial lots in Brisbane’s core south precinct has seen strong demand, with more than $2.5 million in land sold off the plan.
Three of 20 available lots in the Waratah Industry Park at Acacia Ridge have sold for prices ranging between $325 per square metre and $350 per square metre.
The sales mean that more than $2.5 million in land has already been sold with the remaining lots now expected to be snapped up quickly following the release of titles to the market.
At a glance:
The recent sale of lots in the Waratah Industry Park at Acacia Ridge were negotiated by Knight Frank agents Lachlan Hateley and David Knox and Raine and Horne agents Nick Comino and Joseph Grasso.
One lot was purchased by an owner-occupier, with developers behind the other two purchases.
The estate has been developed by Warapar Resources Pty Ltd with delivery of the project managed by Mossport Project Management.
The remaining lots, which are being marketed by joint agents Knight Frank and Raine and Horne, range in size from around 2100 square metres up to around 47,370 square metres, but most are 5000 square metres or smaller.
The total sales value of these remaining lots is more than $30 million.
Mr Hateley said it was expected there would be strong demand for the remaining land in the subdivision - located in the heart of Acacia Ridge at Loam Street, Competition Street and Research Street – now that the titles had been released to the market.
“The estate has been a long time coming with buyers anticipating the release of the titles,” Hateley said.
“Now that’s happened we expect a flurry of activity for the remaining allotments, particularly from nearby business owners looking to expand.
“These are the last small lots in Brisbane’s core south industrial precinct and Brisbane’s established, blue-chip industrial hub of Acacia Ridge, which has been land starved for many years.
“Normally occupiers in this precinct need to drive over 10 minutes away to secure new serviced vacant land to build for expansion, but this subdivision provides a large-scale solution to this problem and will be highly sought after by local occupiers.
“There is also the flexibility to amalgamate or further subdivide allotments if required.”
The Waratah Industry Park is strategically located just 12 radial kilometres from the Brisbane CBD, with transport access to Brisbane’s arterial road network including Beaudesert Road, the Ipswich Motorway, Granard Road and the Logan Motorway.
The Acacia Ridge Rail Intermodal is also located within close proximity, and amenities and services are easily accessible along Beaudesert Road.
Mr Grasso said the scarcity of land in the immediate area surrounding the Waratah Industry Park would make the new subdivision attractive to both owner occupiers and investors.
“The subdivision fulfils a void in Brisbane’s Central South industrial market,” Grasso said.
“The current interest rate climate represents a great opportunity for owner occupiers and investors to buy while the developers who have purchased two of the three sold lots are now looking at options for speculative builds to meet demand.”
The latest Knight Frank Brisbane Industrial Market Overview found land values in Brisbane’s industrial market were continuing to increase at a rate faster than rental growth.
This comes as the demand for completed investments in the low-yield environment encourages ever-growing investment into the development pipeline.
The annual rate of land value growth is sitting at 4.9 per cent for the past year for blocks under 5000 square metres and 3 per cent for larger lots.
In the South precinct the rate of growth has been higher, with land values growing by 7.7 per cent for lots of under 5000 square metres and 11.1 per cent for one to 5-hectare lots in the past year.
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