One of the largest general use industrial sites in Brisbane, located at Pinkenba in the Australia TradeCoast precinct, has been leased to four separate tenants for a net rental of $1.7 million per annum.
Greyhound Australia, MM Kembla (a division of Metal Manufactures Limited), Semmens Transport and Enviro Pipes will relocate to the 692 Curtin Avenue property after each inking separate leasing deals. It was formerly occupied by a single user, Brisbane Motor Auctions/AP Eagers.
The property, which comprises a total footprint of 52,770sqm and GLA of 16,307sqm, consists of three detached warehouses - of which one is earmarked for demolishment to create a larger hardstand area.
The property was jointly marketed by CBRE’s Dan Munnich and Ray White Commercial Queensland’s Paul Anderson and Aaron Aleckson. JLL introduced Enviro Pipes as the tenant in its respective leasing transaction. Across the four transactions, the average blended building and hardstand rental was $120 per sqm gross.
“This site offers affordable industrial accommodation with significant hardstand, which is difficult to achieve in the Eagle Farm/Pinkenba area, due to the increasing value of the land,” Mr Munnich said.
“It is superbly located just a few minutes to the Brisbane airport precinct, the Gateway Motorway Network, the Airport Link Tunnel and Inner City Bypass, as well as sea ports and the Brisbane CBD,” Mr Munnich said.
Ray White’s Paul Anderson commented on the leasing strategy: “Our strategy was to anchor the site with top tier covenants on the corners. We secured Greyhound Australia on the eastern corner, then Metal Manufactures Limited to the western. The other remaining sites filled up within six months from there.”
“The private vendor who owns the site invested significant capital to modernise the office space within the buildings and bring the buildings up to a professional standard for the new long term occupiers, Mr Anderson said.
Located approximately 10km east of the Brisbane CBD, Pinkenba is close to amenities and retail precincts such as DFO, Portside Wharf and Racecourse Road, Ascot.
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